Even after it starts cutting, Goldman economists expects the Fed to have to hold its policy rate higher than it previously had indicated.
Federal Reserve policymakers will have to hold interest rates higher than they think over the long term, according to Goldman Sachs. Even after the central bank starts cutting, which markets expect to happen in 2024, Goldman economists expect the Fed to have to hold its policy rate higher than it previously had indicated. In numerical terms, that means a long-run neutral federal funds rate in a target range between 3.5%-3.
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