Goldman Sachs say again that they expect three Federal Reserve rate cuts by end 2025

GS macro economics research:

• Expect the Fed to deliver three 25bp rate cuts this year in September, October, and December

• Expect the Fed to deliver two more 25bp cuts in 2026 for a terminal rate range of 3–3.25%

Markets are piling on to the rate cut bandwagon:

• Traders go all in on a Fed rate cut for September