BNP Paribas expects the Federal Reserve to adopt a hawkish rate cut policy, and the bank may "open the door to a pause in further rate cuts, but the length of [the pause] is uncertain". In addition, Jim Baird, chief investment officer at Plante Moran Financial Advisors, said that anything that leads the market to expect the Federal Reserve to cut interest rates more slowly than investors expect could give stocks a bit of downside.