Richard Flynn, Managing Director of Charles Schwab UK, pointed out in a report that unless there is a substantial shift in inflation or labor market dynamics, the Federal Reserve is likely to maintain its data-driven approach at least until May 2026. However, he stated that this is an unusual period for US monetary policy. "The increasingly open struggle between monetary independence and fiscal power makes the Federal Reserve's institutional credibility a sharper focus," he noted. Flynn said that this independence remains the cornerstone of global confidence in the dollar, US Treasury bonds, and the broader US capital markets.