Goldman Sachs estimates an 80% probability of another rate cut this year to wrap up the Fed's easing cycle.
Powell's "language we see as consistent with our expectation that easing will end with a second 25bp cut," said Goldman Sachs chief economist Jan Hatzius.
Jerome Powell, chairman of the U.S. Federal Reserve, speaks during a news conference following a Federal Open Market Committee meeting in Washington, D.C., on Wednesday, July 31, 2019.After one more interest rate cut the Federal Reserve will be finished cutting rates, according to Goldman Sachs. "[Powell's] language we see as consistent with our expectation that easing will end with a second 25bp cut," said Goldman Sachs chief economist Jan Hatzius in a note to clients following Wednesday's FOMC meeting.cutting the target range for its overnight lending rate 25 basis points
Powell's comments were received as hawkish given that markets priced in a much deeper cutting cycle, said Hatzius. Although Powell did not rule out further rate cuts, his comments that" and was not in a longer-term rate cutting mode panicked investors.
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