Following today’s FOMC decision, Goldman Sachs chief economist Jan Hatzius writes that “there are no easy answers about the Fed path for now” as tariffs have increased the risks of both higher unemployment and higher inflation. It usually takes longer for the hard data to deteriorate during slowdowns, and it might take a bit longer than usual this time, though the firm’s best guess continues to be that the labor market will show enough evidence of weakness by late July for the FOMC to deliver three 25bps rate cuts in July, September, and October, Goldman Sachs tells investors in a research note.
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