US President elect Trump has not yet taken office, but this week the world has begun to take seriously the economic impact that the new government will bring: some Federal Reserve officials expect inflation rates to rise and interest rates to remain restrictive; A Canadian official unexpectedly resigned due to disagreements over budgeting for future tariffs.

Major central banks around the world are intensively announcing their final policy decisions before the end of the year, with the Federal Reserve cutting interest rates as expected on Thursday. Central bank officials have begun to deal with greater uncertainty from the United States before Trump takes office.

Federal Reserve officials not only lowered their predictions on how much more US interest rates could be lowered in the event of higher than expected inflation, but Federal Reserve Chairman Powell also stated that some of them are already trying to assess how Trump's plan will affect their monetary policy in the coming months. These plans include raising tariffs, domestic tax reductions, and cracking down on illegal immigration.

The result is that Federal Reserve officials expect economic growth next year to be higher than previously expected, but inflation rates will also significantly increase. This prompted Powell to repeatedly emphasize the need for "caution" towards future promises of further interest rate cuts, a tone that triggered a stock market downturn and led the market to adjust its expectations for further easing policies, believing that the Federal Reserve may only cut interest rates once in 2025.

When asked to what extent Federal Reserve officials have taken into account the impact of Trump's factors, Powell said, "Some people have indeed taken the first step and started incorporating estimates of the economic impact of policies into their forecasts at this meeting," "Some people say they haven't done so, some people haven't said if they have done so, so some of us have taken different approaches, but some people do see policy uncertainty as one of the reasons for the increase in inflation uncertainty

Before the Federal Reserve's decision was made, the European Central Bank and the Bank of Canada had already cut interest rates last week; Due to the weakening outlook, both central banks are expected to implement additional policy easing in 2025.

Although European Central Bank President Lagarde has been vague about further interest rate cuts, she has spared no effort in emphasizing the downside risks facing economic growth, including potential trade tensions with the United States after Trump takes office.

Meanwhile, the central banks of Japan, Sweden, Norway, and the United Kingdom will all make interest rate decisions on Thursday. A survey of Japanese companies released by Reuters last week showed that nearly three-quarters of businesses expect Trump's policies to have a negative impact on their business environment; As the only developed economy central bank in the world still tightening its policies, officials from the Bank of Japan may have to consider this.

For the Federal Reserve, Trump may only be a secondary factor in officials' thinking; But in Canada, Trump has become a focal point: the country's finance minister Chrystia Freeland resigned after a conflict with Prime Minister Justin Trudeau over how to deal with potential tariffs imposed by the next US government.

Fang Huilan resigned a few hours before she was supposed to submit her autumn economic report to parliament on Monday. The document shows that the budget deficit of the Liberal Party minority government for 2023/24 is 61.9 billion Canadian dollars, far higher than expected.

Fang Huilan said that the threat of new US tariffs poses a serious danger. Trump warned last month that he would impose a 25% tariff on goods imported from Canada and Mexico unless these two neighboring countries ban fentanyl and cross-border immigration. In a letter to Trudeau posted on X, she wrote, "This means we need to be financially prepared now so that we can have the reserves we may need in the event of a tariff war. This means we cannot play expensive political gimmicks because we cannot afford them.