Since CQM updated endogenous variables such as Final 2024Q3GDP and November personal income, we cannot precisely compare CQM forecasts between the current and previous weeks. CQM revised economic growth in 2024Q4 to be over 3% and inflation rate to be about 2%. CQM forecasts economic growth in 2025Q1 to be 1.0% ~ 1.5% and inflation to be around 2%. According to Dot chart by FRB at the Dec. 17-18 meeting, it is likely that Fed will cut interest rate two times in 2025. However, it will be difficult for the Fed to lower interest rates at the FOMC meeting on January 28-29, the day before the release of advance GDP data showing growth of more than 3% in 2024Q4. Monetary policy should be data-dependent. In order for the Fed to cut interest rates, they need more information about economic growth and inflation in 2025Q1.