[Bank of America: The Fed is expected to cut interest rates by 75 basis points in the fourth quarter and another 125 basis points in 2025] Golden Finance reported that the Federal Reserve announced an ultra-standard 50 basis point rate cut in the early hours of Thursday morning. Powell said this was to show policymakers' commitment to maintaining low unemployment after inflation eased. After the Fed's sharp rate cut, Bank of America was the only major brokerage firm to raise its forecast for the Fed's rate cuts for the rest of 2024. The Wall Street brokerage said it expects the Fed to cut interest rates by 75 basis points in the fourth quarter, after predicting that the Fed would cut interest rates by 25 basis points at its November and December meetings. According to the Fed's own forecasts, the federal funds rate will fall another 50 basis points by the end of 2024. Bank of America economists said that after the larger rate cuts, "we are skeptical about whether the Fed wants to bring hawkish surprises." The brokerage expects the Fed to cut interest rates by another 125 basis points in 2025, bringing the federal funds target rate down to a terminal level of 2.75%-3.00% from the current range of 4.75%-5.00%.