Goldman Sachs pushes back forecast for first Fed rate cut from July to September

Goldman Sachs economists expect the Fed to cut interest rates for the first time in September, rather than July as previously forecast

Goldman Sachs economists expect the Federal Reserve to cut interest rates for the first time in September, rather than July as previously forecast.
Earlier this week, we noted comments from Fed officials suggesting that a rate cut in July might require more than just better inflation data, but also clear signs of weakness in economic activity or labor market data. Economists such as Jan Hatzius reported in the report wrote.
After PMI data strengthened in May and jobless claims fell, this doesn\’t look like the most likely outcome.
We still expect one rate cut per quarter or every other meeting. That means the second rate cut will now be in December.
The change in forecast timing of rate cuts does not change our expectations for a total of two rate cuts in 2024.

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