Federal Reserve Chairman Jerome Powell: Private sector data cannot replace government statistics.

Federal Reserve Chairman Jerome Powell: The lack of data during the shutdown may indicate that the pace of policy adjustments should be slowed.

1. Bank of America: Expects the Federal Reserve to cut interest rates by 25 basis points in October. (The only major brokerage firm predicting only one rate cut by the Fed for the remainder of the year.) 2. Citigroup: Expects the Federal Reserve to cut interest rates by 25 basis points in October and another 25 basis points in December. 3. Wells Fargo: Expects the Federal Reserve to cut interest rates by 25 basis points in October and another 25 basis points in December. 4. JPMorgan Chase: Expects the Federal Reserve to cut interest rates by 25 basis points in October and another 25 basis points in December. 5. Nomura Securities: Expects the Federal Reserve to cut interest rates by 25 basis points in October and another 25 basis points in December. 6. BNP Paribas: Expects the Federal Reserve to cut interest rates by 25 basis points in October and another 25 basis points in December. 7. Standard Chartered Bank: Expects the Federal Reserve to cut interest rates by 25 basis points in October and another 25 basis points in December. 8. Deutsche Bank: Expects the Federal Reserve to cut interest rates by 25 basis points in October and another 25 basis points in December. 9. Morgan Stanley: Expects the Federal Reserve to cut interest rates by 25 basis points in October and another 25 basis points in December. 10. UBS: Expects the Federal Reserve to cut interest rates by 25 basis points in October, and then by another 25 basis points in December and the first quarter of 2026. 11. ANZ Bank: Expects the Federal Reserve to cut interest rates by 25 basis points in October, possibly another 25 basis point cut in December, and an additional 50 basis point cut early next year. 12. Goldman Sachs: Expects the Fed to cut rates by 25 basis points in October, with a high probability of a rate cut in December. Initial forecasts include two 25 basis point cuts in March and June 2026. 13. Barclays: Expects the Fed to cut rates by 25 basis points in October, with Governor Milan potentially advocating for a larger cut. A further 25 basis point cut in December is also expected. 14. Danske Bank: Expects the Fed to cut rates by 25 basis points in October. Following October, we expect the Fed to cut rates by an additional 0.25 percentage points per quarter until late summer 2026. 15. ING: The market has largely priced in a 25 basis point rate cut at this meeting. We still believe two more rate cuts are needed in 2025 to effectively improve economic momentum. Two more rate cuts are expected in 2026.