Brad Bechtel, global head of foreign exchange at Jefferies, said it was beyond the Fed's mandate to respond to expected changes in fiscal policy but that it would be a focus for Fed officials. "Powell has proven himself to be very effective at communicating and good at keeping the ball in the middle of the fairway," said Mr. Bechtel. "I don't think he will necessarily talk explicitly about any spending increases, but he knows in his heart that it will be a positive boost to the economy." Bechtel expects the Fed to cut rates further this year, but could keep rates stable next year at levels higher than under the Harris administration. "