Core Viewpoint - The former Governor of the Reserve Bank of India, Raghuram Rajan, asserts that the inflation effects caused by tariffs have not fully manifested, and it is premature to claim that the Federal Reserve will continue to lower interest rates [1] Group 1: Tariff Impact on Inflation - Tariffs initiated by the Trump administration are expected to have lingering effects on inflation that have yet to be fully realized [1] - The market anticipates that the Federal Reserve will lower interest rates by 100 basis points over the next 12 months, but this expectation may not be justified [1] Group 2: Federal Reserve's Interest Rate Decisions - Rajan emphasizes that it is too early to conclude that the Federal Reserve will engage in sustained interest rate cuts [1]