Goldman Sachs sees no trade deal before 2020 U.S. election, now expects three rate cuts

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Goldman Sachs sees no trade deal before 2020 U.S. election, now expects three rate cuts
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Goldman Sachs said it no longer expects the United States and China to agree on ...

FILE PHOTO: Containers are seen at a port in Ningbo, Zhejiang province, China May 28, 2019. REUTERS/Stringer/File Photo

The bank now expects two back-to-back rate cuts from the U.S. Federal Reserve “in light of growing trade policy risks, market expectations for much deeper rate cuts, and an increase in global risk related to the possibility of a no-deal Brexit”. The move by Washington “suggests that both sides in the trade conflict are taking a harder line, reducing the odds of a resolution in the near term,” Goldman Sachs chief economist Jan Hatzius wrote in a note.Global equities have lost nearly $2.5 trillion on the tough rhetoric from both the United States and China. On Monday, China let the yuan slide in response to the latest U.S. tariffs.

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