Matthew Ryan, head of market strategy at financial services firm Ebury, said two Fed rate cuts in 2025 would still be the baseline forecast for most policymakers, who may not have enough confidence to substantially change their views given the severe uncertainty surrounding tariffs. However, there is a risk that a few officials believe this year's interest rate cut will be lower than previously expected, which may be enough to turn the situation around, preferring to cut interest rates by just 25 basis points in 2025. The hawkish dot chart and Powell's remarks emphasizing the lack of urgency in lowering interest rates could provide some room for the dollar to strengthen in the second half of the week.