The Federal Reserve will not cut interest rates at its policy meeting next week, but could start a series of rapid rate cuts in June if fears of a recession triggered by the trade war intensify and materialize, agency analysts said. At least in the futures market, contracts are increasingly betting that the Fed will cut rates by 25 basis points each in June, July and October, a trend that follows President Donald Trump's remarks over the weekend about a "transition period" as he slaps tariffs on a number of countries. U.S. stock and Treasury yields also fell on Monday amid concerns that his remarks herald an impending recession. " Despite the apparent calm, if the labor or financial marekt starts to slide before the Fed has had time to assess the impact of tariffs, and the overall Trump agenda, on inflation, [Fed policymakers] are increasingly concerned about the rising risks of the dual mandate and their ability to withstand pressure from US President Donald Trump to cut interest rates, "Tim Duy, chief US economist at SGH Macro Advisors, wrote in a note." A slow-to-respond Fed will invite the ire of the Trump administration. "