Online reports that Allianz chief adviser El Erian expects the Fed to cut interest rates only once this year, which is in sharp contrast to the expectations of the market and the Federal Reserve. The market has fully priced expectations of at least two interest rate cuts in 2025, and there is likely to be a third rate cut. Overall, they expect to cut interest rates by about 70 basis points this year, with the first rate cut of 25 basis points in July. At the same time, the Federal Reserve's latest dot chart calls for only two rate cuts. Elian said the Fed is "essentially a dove," adding that he was concerned that the Fed would ignore weak economic data and call the upcoming tariffs temporary before truly understanding the details of the tariffs and how countries would respond.