According to online reports, Ashish Shash, chief investment officer of public investment at Goldman Sachs Asset Management, said that the "growth shock" currently facing the United States means that the Federal Reserve "will enter a certain degree of interest rate cut mode this year, exceeding what was expected six weeks or two months ago." "What we see in the bond market is reasonable pricing from the Fed opening the window, or the market saying the Fed may actually have to relax policy further," Sash said. He added that recent economic data confirmed this view, but "the level of additional tariffs we have seen in the past 24 hours... further raises this expectation." Market pricing on Thursday showed investors expect three to four interest rate cuts in 2025, up from about three the day before.