T. Rowe Price's chief U.S. economist, Blerina Uruci, stated that the U.S. economy is currently being influenced by multiple factors that are impacting both inflation and demand. Overall, these factors support the Federal Reserve's decision to maintain its monetary policy at future meetings, in order to assess the impact of rising energy prices on the economy and the effects of the financial environment turning more accommodative since last year. Additionally, despite a recent slowdown in job growth over the past few quarters, the unemployment rate has remained fairly stable, indicating that some of the slowdown may be due to structural factors rather than a sharp weakening in the labor market. This also supports the Federal Reserve's decision to hold steady temporarily in order to observe the further impact of these economic crosscurrents. He mentioned that the latest employment data showed a significant drop. The January employment report may have overstated economic strength, while the February report may have somewhat exaggerated the weakness. Overall, the unemployment rate has remained stable since the third quarter of last year. In addition, the U.S. economy is also being influenced by several factors, including the inflation risks from rising energy prices and positive economic prospects supported by consumer and capital spending growth. However, the slowdown in job growth paves the way for the Federal Reserve to adopt a more dovish stance in the second half of 2026, with overall interest rates expected to gradually decline if oil prices fall in the coming weeks. He expects that the likelihood of a rate cut by the Federal Reserve in March is low, as the short-term inflation data from January's personal consumption expenditure may be on the stronger side, and the Federal Open Market Committee needs to balance risks between its dual mandate. Looking ahead, the bank anticipates that the Federal Reserve's reaction to economic data in the second half of this year will be more dovish. He predicts that there may be 2 to 3 rate cuts in the second half of this year, higher than the current market expectation of 1 to 2 cuts. Looking at the policy path over the next 12 months, there is also a possibility of 3 to 4 rate cuts, indicating an overall looser stance than what the market expects.