According to Odaily Planet Daily, Goldman Sachs Chief Financial Officer Denis Coleman believes that the Federal Reserve's recent 50 basis point interest rate cut, despite raising concerns about inflation and recession risks, has laid the foundation for a soft landing of the economy.

“This first 50 basis point rate cut is a clear sign of a new direction. I hope it will boost confidence, reduce the cost of capital and potentially boost strategic activity as we approach the end of the year,” he said.

The Federal Open Market Committee (FOMC) voted, surprising some economists, to cut its key overnight lending rate to a target range of 4.75% to 5%.