DBS Bank Chief Economist Taimur Baig stated that despite market expectations for three rate cuts in the fourth quarter of 2025 and three more next year, the bank expects the Federal Reserve to cut only two more times in 2025 and just one more time in 2026. The bank maintains its view that the current rate-cutting cycle will stall after a cumulative 100 basis points of cuts. Baig cited US tariffs, labor market tightness caused by immigration controls, tax cuts, strong household and business finances, a surge in AI-related energy demand, and a continued stock market rally as all triggering inflation risks. Given that current inflationary pressures are higher than a year ago, he believes the Federal Open Market Committee's (FOMC) mainstream view of a 3.5% terminal rate is unlikely to be swayed. (Jinshi)