According to Odaily, Societe Generale's Chief Global FX Strategist Kit Juckes has expressed skepticism regarding current market expectations for U.S. interest rate cuts in 2024. In a recent report, Juckes noted that the anticipation of a significant rate cut in September, specifically a 50 basis point reduction, appears overly optimistic. Data from Refinitiv indicates that the U.S. money market is currently pricing in a total of 103 basis points in rate cuts for 2024, suggesting that the Federal Reserve might implement at least one 50 basis point cut in one of its three remaining meetings this year.

Juckes emphasized that unless there is a substantial economic slowdown, the front end of the interest rate curve has already factored in too much of a rate reduction over the next six months. He highlighted the considerable uncertainty surrounding the extent of the economic slowdown, which could influence the Fed's decisions on rate adjustments. The strategist's comments come amid ongoing debates about the future trajectory of U.S. monetary policy and its potential impact on the global economy.