JPMorgan, Citi See Fed Dealing Two Supersized Cuts This Year
- Goldman Sachs adds a third cut to its forecast for 2024
- Bank of America capitulates, sees first Fed move in September
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Wall Street banks are calling for aggressive interest-rate cuts by the Federal Reserve based on the latest evidence that the labor market is cooling.
Economists at Bank of America Corp., Barclays Plc, Citigroup Inc., Goldman Sachs Group Inc. and JPMorgan Chase & Co. revamped their forecasts for US monetary policy Friday after data showed the US unemployment rate rose again in July. All are calling for earlier, bigger or more interest-rate cuts.