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According to ChainCatcher, citing Golden Ten Data, Matthew Pallai, Chief Investment Officer at Nomura Capital Management, stated in a report that the Federal Reserve has become more dovish amid a deteriorating job market, but remains highly sensitive to inflation fluctuations. He is concerned about how ongoing price pressures from tariffs and immigration policies complicate the disinflationary trend. If inflation unexpectedly rises, the overvaluation of stocks and corporate credit could exacerbate volatility.

According to ChainCatcher, citing Golden Ten Data, John Luke Tyner, Head of Fixed Income at Aptus Capital Advisors, pointed out in a report that 72% of the components in the US CPI are growing at a rate exceeding the Federal Reserve's 2% inflation target. Inflation in the service sector continues to hover above the target, accompanied by the risk of delayed tariff impacts. This trend is expected to persist until 2028, making it unlikely for the Federal Reserve to significantly cut interest rates under such circumstances.