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Goldman Sachs: Due to a strong labor market, no longer expects the Federal Reserve to cut interest rates this year

MarsBitNews
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Mars Finance News, according to Jintiao reports, Goldman Sachs economists stated that due to a stronger-than-expected labor market, they no longer expect the Federal Reserve to cut interest rates this year. The bank has delayed the timing of its last two rate cuts from December 2026 and March 2027 to June 2027 and December 2027. However, Goldman Sachs Chief U.S. Economist Merrick pointed out that since inflation "seems unlikely to become self-sustaining," the likelihood of the Fed raising interest rates remains low. U.S. employment growth in May exceeded all expectations, demonstrating the resilience of the labor market and intensifying market bets on the central bank raising rates. Goldman Sachs continues to believe that the probability of a rate hike is low but has raised the chance of a small rate increase from 10% to 20%. The bank's baseline forecast still expects two 25 basis point rate cuts next year, but the probability has been lowered from 40% to 30%. Goldman Sachs also revised down its forecast for the U.S. unemployment rate this year from 4.6% to 4.4%.
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