Goldman still expects two Fed rate cuts this year despite hawkish dot plot
The June dot plot surprised the markets with a more hawkish stance, showing a median projection of one rate cut in 2024, contrary to the two cuts that consensus had expected.
“We continue to expect a first rate cut in September and a second cut in December,” Goldman economists said in a note. They highlighted that FOMC's statement was revised to note"modest" instead of"a lack of" progress toward the 2% target. Chair Powell, in his opening remarks, emphasized that inflation has dropped from a peak of 7% to 2.7%, stressing the cumulative progress.
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