Stephen Juneau, US economist at Bank of America, said, "We still expect the Fed to cut rates in December and we think the data will be in line with expectations, but it is also understandable why the market feels this is a bit of a coin flip, the US economy is still very strong and inflation remains above target. We will see deregulation, looser fiscal policy, more protectionist trade policies and stricter immigration policies. All of this would pose upside risks to inflation.... The Fed is unlikely to cut rates as much as we have previously considered as they would see inflation persistently above their target." It is reported that Bank of America recently raised its final forecast for the federal funds rate to 3.75% -4.00%, from 3.00% -3.25% previously.