On December 19, Gennadiy Goldberg, the head of US interest rate strategy at TD Securities said: The Federal Reserve has sent a signal that they will not be as dovish as in the past. They are inclined to cut rates less next year. I think this is a signal that the market will continue to price in fewer than two rate cuts. If data is strong enough, it may move towards zero rate cuts. If the Fed does not see inflation falling to an adequate level, they would be reluctant to continue cutting rates.