It may be too early to assess the impact of US tariff policy on the global economy. Investors generally expect that US policy will ultimately result in tariffs that are much smaller and more realistic than those announced so far. Due to the impact of tariffs, the Fed may lower the Intrerest Rate more than expected in the midterm, but the reasons for doing so are still unclear and depend on whether the impact of tariffs on the US economy is lower than expected. He said that if economic indicators such as wage rise further slow down, the Fed may reduce follow on inflation and implement loose policies more cautiously.