ChainCatcher News, Ebury's market strategy director Matthew Ryan stated that the Federal Reserve's two rate cuts in 2025 will remain the baseline forecast for most policymakers. Given the severe uncertainty surrounding tariffs, they may not have enough confidence to substantially change their views.

However, there is a risk that a minority of officials believe that this year's rate cuts will be lower than previously expected, which could be enough to reverse the situation, leaning towards only a 25 basis point cut in 2025. The hawkish dot plot and Powell's emphasis on the lack of urgency to lower rates may provide some room for the dollar to strengthen later this week.