And there’s much higher risk of a 2022-like, policy-related stock market pullback than many are bracing for, according to the chief economist of asset manager Apollo.

A top policymaker at the U.S. Federal Reserve said Wednesday that he still supports cutting interest rates this year, despite elevated inflation and the prospect of widespread tariffs under the incoming Trump administration.

Federal Reserve Governor Christopher Waller said Wednesday that he doesn’t think that proposed import tariffs from the incoming Trump administration will lead to upward pressure on inflation.