ICYMI - Goldman Sachs pushes Fed rate cut call to July (from June)

The headlines on this came through earlier, more now.

Goldman Sachs have shifted their June Federal Open Market Committee (FOMC) call from the June meeting to the July meeting. A note from Chief Economist Jan Hatzius after the hot inflation data.

• "We are pushing back our forecast of the first rate cut from June to July"

Fed to cut two times this year (GS were previously at 3 cuts)

• "We continue to expect cuts at a quarterly pace after that, which now implies two cuts in 2024 ... July and November"

Hatzius citing:

• "The FOMC was already narrowly divided on its three-cut baseline for 2024, and we think the Committee will need to see the string of three firmer inflation prints from January to March balanced by a longer series of softer prints in subsequent months"