Goldman Sachs economists believe that there is "sufficient reason" for the Federal Reserve to cut interest rates at its July 30-31 meeting, but this does not change their prediction that the Fed will begin cutting interest rates in September. The latest unemployment and inflation data indicate that the Fed's monetary policy rule requires the federal funds rate to be 4%, while the current target range is 5.25%-5.5%. Therefore, Jan Hatzius, Goldman's chief economist, said in a report, "We expect the rate cut to begin soon."

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