BofA Global Research expects U.S. Federal Reserve to deliver 25bps rate cut in each meeting starting September 2024, slowing to 25bps per quarter in March 2025.
This follows on from the earlier post by Eamonn about Goldman who also thinks a 25bp is now the more likely size of the September cut.
In my view the idea of one or more 50bp cuts this year cuts didn't really make sense to start with when you look at the broader economy. So, it looks like investment banks are just walking back on their aggressive 50bp cut pivots most of them made after the July jobs numbers.
