(Reuters) -Most brokerages continue to expect a slower pace of interest rate cuts from the U.S. Federal Reserve in 2025 ahead of a non-farm payrolls (NFP) report due today amid uncertainty from President Donald Trump's tariff policy.

President Trump's tariff policy is expected to drive up inflation and will increase pressure on the U.S. central bank as it looks to control persistent inflationary pressures.

The Federal Reserve left its benchmark overnight interest rate in the 4.25%-4.50% range in its January policy meeting and Federal Reserve Chair Jerome Powell said there would be no rush to cut them again until inflation and jobs data made it appropriate.

Here are the forecasts from major brokerages in 2025:

Rate cut estimates (in bps)

Brokerages Mar 2025 2025 No. of cuts Fed Funds Rate

in 2025

BofA Global No rate cut No rate cut 0 4.25-4.50%(end of

Research December)

Barclays No rate cut 25 (in June) 1 4.00-4.25% (end of

2025)

BNP Paribas No rate cut No rate cut 0 4.25-4.50%(end of

December)

Goldman Sachs No rate cut 50 (June and 2 3.75-4.00% (through

December) December)

J.P.Morgan No rate cut 50(June and - 3.75-4.00% (through

September) September 2025)

No 25

Morgan Stanley rate cut (in June) 1 4.00-4.25% (in 2025)

Deutsche Bank No rate cut No rate cut 0 4.25-4.50% (end of

2025)

ING No rate cut 50 (H2 2025) 2 3.75-4.00% (end of

2025)

UBS Global No rate cut 50 - 3.75-4.00% (end of

Wealth 2025)

Management

Citigroup No rate cut 125 (starting 5 3.00-3.25% (end of

in May) 2025)

Macquarie No rate cut 25 1 4.00-4.25%

Berenberg No rate cut No rate cut 0 4.25-4.50% (end of

2025)

Wells Fargo No rate cut 50 (September 2 3.75-4.00% (end of

and December) 2025)

Nomura No rate cut No rate cut 0 -

HSBC No rate cut 75 (starting 3 3.50%-3.75% (end of

in June) 2025)

* UBS Global Research and UBS Global Wealth Management are distinct, independent divisions in UBS Group

(Compiled by the Broker Research team in Bengaluru; Edited by Alden Bentley, Shinjini Ganguli, Maju Samuel, Devika Syamnath, Diane Craft, Anil D'Silva, Tasim Zahid and Shounak Dasgupta)