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[Mitsubishi UFJ: Fed Policy May Be Complicated by Leadership Changes in the Second Half of Next Year] Mitsubishi UFJ pointed out that the Federal Reserve cut interest rates by 25 basis points with a 9-3 vote, acknowledging that the labor market is gradually cooling. If no new tariffs are imposed, goods inflation may peak in the first quarter of 2026, and Powell stated that rate hikes are not the baseline expectation. The dot plot indicates only one rate cut in 2026, reflecting a more hawkish stance than the market anticipated. Powell emphasized that the Federal Reserve is in a favorable position to observe patiently. The policy outlook for the second half of next year may become complicated due to leadership changes at the Federal Reserve.