Core Viewpoint - The Federal Reserve is unlikely to lower interest rates in the near term due to uncertainties related to tariffs and the labor market [1] Summary by Relevant Sections - **Federal Reserve's Stance** - The Federal Reserve will remain inactive until there is a significant improvement in the labor market or a reduction in tariff-related uncertainties [1] - The Fed's policymakers recognize that lowering interest rates is not an effective solution to uncertainty [1] - **Inflation Concerns** - Tariffs are expected to increase inflation risks, which further discourages the Fed from cutting rates [1] - **Data-Driven Approach** - The Fed is expected to continue its data-dependent approach, avoiding forward guidance and refraining from sending any political signals [1]