A new survey by foreign media shows that most economists expect the Federal Reserve to continue cutting interest rates next month, but the 2025 rate cut will be smaller than they expected a month ago due to the policies proposed by President-elect Trump that could lead to higher inflation. Mr. Trump's planned policies, including higher tariffs and tax cuts, have almost halved market expectations for a rate cut by the end of 2025 to about 75 basis points, with markets pricing in less than a 60 per cent chance of a December cut.