The most direct reaction of the Federal Reserve does not depend on what they say, just look at the dot matrix on March 20th. If the Federal Reserve believes that the impact of tariffs is not significant, it is possible to cut interest rates twice or even higher in 2025. Of course, if the Federal Reserve believes that tariffs may lead to an economic recession in the United States, it will also increase the frequency of interest rate cuts. So now on the 20th, we cannot just focus on the number of times in the chart. We also need to see the Federal Reserve's explanation of the number of times, whether it is due to good inflation expectations or an expected decline in the US economy. But no matter what, being less than 2 can still be troublesome. This tweet is sponsored by @ ApeXProtocolCN | Dex With Apex