Dow futures fall sharply after Fed points to higher rates
held interest rates steady on Wednesday, but still forecast another hike of 25 basis points before the year’s end.
Additionally, the U.S. central bank updated its quarterly projections showing interest rates falling only 50 basis points in 2024 compared to the 100 bps of cuts suggested at the meeting in June. Goldman Sachs now expects the Fed to begin its interest rate-cutting cycle in the fourth quarter of next year, later than an earlier forecast of a cut in the second quarter.
"Today, participants appeared to move away from the view that monetary policy tightening could weigh on growth with a long lag next year, which weakens one argument for cutting," Goldman Sachs said, in a note. "We think this means that inflation will have to fall further than we previously assumed for the FOMC to cut."
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