The previous Q2 projection was adjusted following the FOMC’s stance on a larger inflation decline.
NEW YORK: Goldman Sachs economists said they now expect the US Federal Reserve to begin its interest rate-cutting cycle in the fourth quarter of next year, later than an earlier forecast of a cut in the second quarter.
“Today, participants appeared to move away from the view that monetary policy tightening could weigh on growth with a long lag next year, which weakens one argument for cutting,” Goldman Sachs economists led by Jan Hatzius said in a note. Barclays expects a cut in each of the Fed’s last three meetings of 2024. Morgan Stanley, meanwhile, still expects the first rate cut to be delivered in March next year.
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