Ahead of next week's Jackson Hole Global Central Bank Annual Meeting, Goldman Sachs predicts that the Fed will decide to cut interest rates by 25 basis points in the next three meetings in September, November and December, and then cut interest rates once every quarter next year, and once more in 2026, the year after. Ultimately, the Fed's policy rate, the federal funds rate, should be about 200 basis points lower than the level of 5.375% in the past 13 months. Goldman Sachs' US economists still do not expect a recession in the near future.