$ETH Citi Research: Reasons for rate hikes have evaporated, expects Fed to resume rate cuts in OctoberAccording to a Citi Research report dated July 2, U.S. economic data shows that the rationale for rate hikes has disappeared. Nonfarm payrolls added only 57k jobs in June, far below expectations, while the previous months' data was revised down by 74k. The three-month average monthly job gains fell from over 180k previously to about 111k. Inflationary pressures are easing across multiple channels: oil prices have fallen back to pre-conflict levels, July CPI and PCE data are expected to decline month-over-month, and housing rent growth continues to slow. Citi maintains its base case that the Fed will hold rates steady at the July and September FOMC meetings, then cut rates by 25 basis points on October 28, followed by a second 25 bps cut in December.