Melanie Baker, senior economist at Royal London Asset Management, said in a report that she still expects the Federal Reserve to cut interest rates twice in 2025, but not before the second half of the year, when clearer signs of economic slowdown are expected. She pointed out that the risk of recession has increased, and the prospects for global and U.S. economic growth have deteriorated. However, she is currently in the "economic slowdown" camp, not the "economic recession" camp, because of the temporary suspension of equal tariffs and signs that Trump is responding to market pressure.