Goldman Sachs now expects the Fed to cut rates twice in the fall, just days after Fed Chair Jerome Powell's July comments dashed investor optimism around a prolonged easing cycle.
The firm's analysts see a 75% chance for a 25-basis-point cut in September and a 50% chance for a same-size cut in October.
The likelihood of the US-China trade war extending past the 2020 election will spur additional cuts, the Goldman analysts said in the note.
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