Salman Ahmed, global head of macro and strategic asset allocation at Fidelity International, said that given the reflationary scope of fiscal stimulus next year, the Fed's end point interest rate may bottom out at a level higher than the price. In fact, if the impact of reflation and tariff-driven inflation return, interest rate hikes may have to be put on the agenda. The Fed cut rates by 25 basis points as expected, and adjusted its language to be more cautious about the future path of monetary policy. Even in December, data constraints rose a notch as Powell dropped any guidance on the pace and scale of rate cuts.