On January 15th, according to a report by Kim Ten, Tim Murray, an analyst at Pryce, said in a report that US President-elect Trump's tariff and immigration proposals could exacerbate inflation, which could force the Federal Reserve to stop cutting interest rates or even raising interest rates. The capital markets strategist said this could lead to significant market volatility. "The energy and financial sectors could benefit from friendlier regulatory environments, while renewable energy companies could come under pressure if parts of the Inflation Reduction Act are repealed," he said. Tough trade policies that increase tariffs could affect non-US stocks and lead to volatility in the affected industries.