The headlines on this came through earlier, more now.

Goldman Sachs have shifted their June Federal Open Market Committee (FOMC) call from the June meeting to the July meeting. A note from Chief Economist Jan Hatzius after the hot inflation data.

  • "We are pushing back our forecast of the first rate cut from June to July"

Fed to cut two times this year (GS were previously at 3 cuts)

  • "We continue to expect cuts at a quarterly pace after that, which now implies two cuts in 2024 ... July and November"

Hatzius citing:

  • "The FOMC was already narrowly divided on its three-cut baseline for 2024, and we think the Committee will need to see the string of three firmer inflation prints from January to March balanced by a longer series of softer prints in subsequent months"
A few comments from a research note via Jan Hatzius, chief economist at Goldman Sachs

Goldman Sachs Chief Economist Jan Hatzius