Goldman Sachs expects the Fed to cut interest rates 5 times ths year, starting in March
CBSN
The Federal Reserve is likely to start lowering its benchmark interest rate in March and make a total of five cuts in 2024, economists at Goldman Sachs predicted on Monday.
The investment bank expects the U.S. economy to come in for a "soft landing," with modestly slowing economic growth, and for inflation to keep dropping this year. Goldman expects the central bank to gradually ease rates, which would steadily reduce borrowing costs for consumers and businesses.
With inflation ebbing and the economy holding up, the Fed last month maintained the federal funds rate at a 22-year-high, reinforcing views that its last hike in July marked the final chapter of the central bank's campaign to subdue price and wage gains. While Fed policymakers left open the possibility of further raising rates if inflation flares, they forecast three rate cuts this year.
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