Goldman Backs down Perceives Rate Cuts In July And September

We now expect cuts in July and September, as well as an end to balance sheet runoff in July. Our base case is for moves in 25bp increments, but a 50bp cut is possible.

The need to get ahead of the bond market could be another reason to push Fed officials toward a bigger reduction in rates, economists including Jan Hatzius wrote in a note dated June 19. The firm had previously seen no change in rates for this year.

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