Federal Reserve Governor Paul Waller said that not all tariffs will be passed on to consumers; the current policy of the Federal Reserve is still restrictive, the Federal Reserve can cut interest rates for both positive and negative reasons, and still believes that good prospects for rate cuts remain. Waller said he does not see the need to cut rates in March, and the Federal Reserve may cut rates after March; the median expectation of two rate cuts in 2025 remains reasonable.