Deutsche Bank Wealth Management’s global chief investment officer Christian Nolting predicted the Fed will cut interest rates twice in the next 12 months, but chances of a four-time rate cut are less.

Chicago Fed President Evans had said this week that even two rate cuts might not be enough in the longer run, given consistently low inflation and global trade tensions.

“The market pricing in four cuts, I think that’s a bit too much ... they (Fed) shouldn’t use all their firepower immediately,” Nolting told.

Nolting predicted a 25 basis points cut by the end of July — what he termed an “insurance cut, or pre-emptive cut,” in the face of weaker economic growth.

But Nolting proposed that the key to curbing an economic slowdown is whether the Fed, which has a 2% inflation target, is able to increase consumer prices. The Fed tracks the core personal consumption expenditures price index for monetary policy. That index increased 1.5 percent year-on-year in May and has undershot its target this year.