Matthew Ryan, the head of market strategy at financial services company Ebury, stated that although two interest rate cuts within the year are still the baseline expectation for most policymakers, a few officials may prefer to cut rates only once, which will affect market sentiment. If the dot plot shows only one rate cut, or if Powell indicates after the meeting that there is no urgency to cut rates, the dollar may strengthen as a result. Traders expect the Federal Reserve to implement its first rate cut in 2025 in September.