Due to the surprise of non-agricultural data, several Wall Street investment banks adjusted their forecasts of the Fed's interest rate cuts, including:
1. Goldman Sachs: The expectation of a 25 basis point rate cut by the Fed this year has been increased to three times, and a 50 basis point rate cut in September is not ruled out.
2. Citi: The Fed will cut interest rates by 50/50/25 basis points in September, November and December, respectively, and the previous expectation was 25 basis points.
3. Barclays: A third rate cut of 25 basis points has been added to the forecast of the Fed's decision this year.
4. Bank of America: The Fed is expected to start cutting interest rates by 25 basis points in September, while the previous expectation was December.
5. JPMorgan Chase: The Fed is expected to cut interest rates by 50 basis points in September and November, and cut interest rates by 25 basis points at each meeting thereafter.
6. TD Securities: The Federal Reserve will cut interest rates by 75 basis points in 2024, with 25 basis points each in September, November and December.
According to the latest data from the US stock market, as concerns about a global recession grow, today (August 2, local time) the major US stock indexes and stock markets have evaporated more than $2.9 trillion.
2.9 trillion is larger than the entire cryptocurrency market (2.3 trillion)!
Intel's stock price fell 27%, the worst day in Intel's history. It set a record for the largest drop since the COVID crash in 2020.