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Citi analysts expect the Fed to cut interest rates by 25 basis points eight times starting in September this year, with a total of 200 bps cuts by July 2025, lowering the benchmark interest rate from the current 5.25%-5.5% to 3.25%-3.5%. The reasons include economic slowdown, weakening inflation, rising unemployment and a negative service sector index.

Citi analysts expect the Fed to cut interest rates by 25 basis points eight times starting in September this year, with a total of 200 bps cuts by July 2025, lowering the benchmark interest rate from the current 5.25%-5.5% to 3.25%-3.5%. The reasons include economic slowdown, weakening inflation, rising unemployment and a negative service sector index. 

https://fortune.com/2024/07/07/fed-rate-cuts-outlook-200-points-economy-sharper-slowdown-citi/