Odaily News Melanie Baker, senior economist at Royal London Asset Management, said in a report that the Federal Reserve is still expected to cut interest rates twice in 2025, but not before the second half of the year, when the economy is expected to show clearer signs of slowing down. She pointed out that the risk of recession has risen and the outlook for global and US economic growth has deteriorated. However, she is still in the "economic slowdown" camp rather than the "economic recession" camp for now because of the suspension of reciprocal tariffs and signs that Trump is responding to market pressure. (Jinshi)