ICYMI – Goldman Sachs CEO David Solomon expects one or two Fed rate cuts in 2024

Sachs CEO David Solomon spoke in an interview with CNBC:

he is forecasting one or two cuts Federal Open Market Committee (FOMC)

“I’ve been more cautious about interest-rate cuts all year than the general consensus”

“When I now look at the data and the way things are setting up, I think the perspective of one or two cuts in the fall seems more likely.”

Solomon pointed to the earnings report from McDonald’s, McDonald’s says business slowed ‘meaningfully’ in the majority of markets

• “There’s no question there are some shifts in consumer behavior, and the cumulative impact of what’s been kind of a long inflationary pressure, even though it’s moderating, is having an effect on consumer habits,”

• trajectory of the economy remains unclear in the next 12 to 18 months
• economic environment “has been relatively benign” and will likely remain so “unless there’s some other shock as we finish up the year”

This article was written by Eamonn Sheridan at www.forexlive.com.