Fitch Ratings stated in its latest global economic outlook that it expects global economic growth to slow to 2.3% this year, well below trend levels and also below 2.9% in 2024. At the same time, Fitch Ratings lowered its forecast for US economic growth from 2.1% in December last year to 1.7%, and lowered its growth forecast for 2026 from 1.7% to 1.5%. Fitch Ratings stated that tariff increases will lead to higher prices for US consumers, lower real wages, increase business costs, and the sharp increase in policy uncertainty will impact business investment. It is estimated that the tariff impact will raise US inflation by 1% in the near term, and we believe that the Fed will delay further easing measures until the fourth quarter of 2025. We now expect the Fed to only cut interest rates once this year, but with the economy slowing and tariff levels stabilizing, we expect three more rate cuts in 2026. (FXStreet)