Odaily News BlackRock said in a report that money markets have over-priced multiple rate cuts from the Federal Reserve and ignored the risk of rising inflation. "We tend to see the market pricing in 4 to 5 rate cuts by 25 basis points each by the Federal Reserve this year," BlackRock said. BlackRock expects global borrowing costs to be higher than before the pandemic as the upcoming tariffs push up inflation. "We believe that plans for a new wave of U.S. tariffs and responses from other countries reinforce the point that we will be in a world where interest rates and long-term bond yields remain higher than before the pandemic." Tariffs and loose fiscal policies in some parts of the world could push up inflation. (Jinshi)