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Goldman Sachs: Although the Federal Reserve is hawkish, Powell is more dovish and still expects three interest rate cuts next year.
Goldman Sachs believes that Powell leaned dovish at the press conference, mentioning four times that Federal Reserve policy remains "significantly restrictive" and disagreeing with the view that the federal funds rate is close to neutral. Goldman Sachs expects rate cuts in March, June, and September next year, but it should be noted that the cut in March requires better inflation data or worse employment data to support it.