Lindsey Piegza, economist at Stifel, the investment bank, said the Fed was about to pause policy adjustments as President Waller's recent comments reflected the emergence of stricter standards in this regard. Fed officials are increasingly focused on whether economic data are beating expectations, rather than just on the strength of the economy. If the economy continues to show significant firmness next year, the Fed could face a challenging situation regarding potential rate cuts. I expect three more cuts next year to bring rates closer to neutral, and to 3.75 per cent by the third quarter, which is a reasonable neutral level. As for this year, if December's data are in line with expectations, I believe the Fed will make a third round of rate cuts.