Today's Video Headlines
Elon Musk says Fed 'foolish' for not cutting interest rates yetEconomists at Goldman Sachs raised the likelihood of the US economy slipping into a recession within the next 12 months from 15% to 25% while continuing to view the risk of recession as limited, according to a report.
They said the US economy appears to be “fine overall” and noted the Federal Reserve has ample room to cut interest rates if needed and can do so rapidly if upcoming data releases show signs that economic conditions are worsening amid worries the Fed has waited too long to lower rates., less than the 175,000 gain forecast by London Stock Exchange Group economists. The unemployment rate also rose unexpectedly from 4.1% to 4.3%, the highest level since October 2021.
“The premise of our forecast is that job growth will recover in August and the FOMC will judge 25bp cuts a sufficient response to any downside risks,” the Goldman economists wrote. “If we are wrong and the August employment report is as weak as the July report, then a 50bp cut would be likely in September.”
Though the Federal Reserve left interest rates unchanged at policymakers’ meeting last week, central bank officials have signaled an openness to a cut in September if economic data shows that inflation is continuing to ease. Investors have priced in a 100% chance of a rate cut next month.
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