Goldman Sachs economists expect the Federal Reserve to cut interest rates for the first time in Septembervltvideopoker, not July as previously predicted.

"Earlier this week, we noted comments from Fed officials that a July rate cut may require not only better inflation data, but also clear signs of weakness in economic activity or labor market data," economists such as Jan Hatzius wrote in the report.

"After May's PMI data strengthened and unemployment claims fell, this doesn't look like the most likely outcome."

"We still expect to cut interest rates every quarter or every other meeting, which means the second rate cut will now be in December. The predicted change in the timing of interest rate cuts will not change our expectations for a total of two interest rate cuts in 2024."