Federated Hermes’s Steve Chiavarone crystalized the market’s view of where the Federal Reserve is heading on interest rates in one sentence.

By Michael S. Derby (Reuters) -Federal Reserve Governor Christopher Waller said Sunday that interest rate cuts remain possible later this year even as the Trump administration’s tariff regime is likely to push up price pressures temporarily.

A short-lived bump in tariff-driven inflation could pass quickly enough to allow interest-rate cuts this year, especially if levies ease, Federal Reserve governor Christopher Waller said. New trade barriers are likely to push up prices in the short term,