The FEDThe FED is concerned that rates are too restrictive. Meaning, high rates can break something if the are held up there for too long. He's concerned about policy pushing unemployment numbers up. He's concerned about causing a recession. And debt is a factor at the personal and government level. This is why he will stick to at least one rate cut this year. Possibly two. But next year additional cuts will occur. The market is forward looking and will see this. PM will do fine