According to Jinshi Data, Goldman Sachs CEO Solomon expects the Federal Reserve to avoid an emergency rate cut because he believes the U.S. economy will avoid a recession.

In an interview, Solomon said he does not expect to see any progress before September and the economy will develop smoothly and there may not be a recession.

Solomon also said that based on the economic data he is seeing so far and the messaging from the Federal Reserve, he thinks there could be one or two rate cuts this fall.