Standard Chartered Bank analysts Nicholas Chia and Steve Englander pointed out in their latest report that although the Federal Reserve is expected to continue cutting rates in 2025, the possibility of further rate cuts in 2026 will be significantly reduced if U.S. economic momentum remains strong. The two analysts stated that, in the medium to long term, this trend could lead to a stronger dollar and higher U.S. Treasury yields. They emphasized that the market's expectation of a 63 basis point rate cut by the Federal Reserve in 2026 may gradually be revised, especially if U.S. productivity growth exceeds expectations, which would further drive yields and the dollar higher.