On 19 June 2025, the Fed's FOMC meeting decided to keep rates unchanged, in line with the expectations of the market and BOCOMI, according to BOCOMI's research report. However, BOCOMI noted that, despite recent weakening hard economic data such as retail and industrial output due to restrictive interest rates and tightened financial conditions, the upside risks from tariffs have yet to be reflected in the data, and recent geopolitical risks further complicated policy path judgments.Related NewsContinuing Jobless Claims for Jun/07 in United States is 1,945K, lower than the previous value of 1,951K. The forecast was 1,940K.The broker believed that a rate cut could occur as early as 4Q25, but there is still a risk that rates will not be cut before the end of the year. However, BOCOMI maintained its judgment that it expects 1-2 rate cuts before the end of the year, depending on the extent of the economic contraction and the actual impact of tariff policies.