Former Federal Reserve official warns: Don't expect four interest rate cuts next year! "Former Cleveland Fed Chair Loretta Mester said that if the global tariffs proposed by US President elect Trump come into effect, the Fed's interest rate cuts next year may be less than previously expected. On Tuesday (November 12th) local time, Mester said at an event in London that as the new Republican government advances its fiscal plan, the outlook for the Federal Reserve will change, and the market expects interest rate cuts to be less than the previous four, which may be correct.