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State Street Bank strategist Lee Ferridge stated in an interview during the Miami TradeTech FX conference that once the next Federal Reserve chairman takes office, the magnitude of interest rate cuts may exceed market expectations, with a third cut possibly occurring in 2026, and the dollar may fall by 10% this year.
The current market generally expects that the Federal Reserve will restart interest rate cuts around June 2026, completing at least two cuts of 25 basis points each by the end of the year. However, Lee Ferridge believes that the new Federal Reserve chairman will face pressure for rate cuts from U.S. President Trump, so there is room for a third rate cut. He pointed out that "three rate cuts are possible, two rate cuts are a reasonable baseline scenario, but we must acknowledge that Federal Reserve policy is entering a more uncertain phase."