Matthias Scheiber, analyst at Allspring, said the Fed had taken what was widely expected to be a "wait and see" approach to interest rates as uncertainty over tariffs persists and the US labour market remains strong. "From our perspective, the next window for a possible rate cut is September," said the head of multi-asset solutions. Allspring expects the Fed could cut rates twice this year if inflation continues to fall towards its 2.0 per cent target.