Goldman Sachs expects the June dot plot from the Fed to show,

There will be two interest rate cuts in 2024 (fewer than the three times in March),

There will be four interest rate cuts in 2025, and three interest rate cuts in 2026.

If the core CPI in May is at a high level,

The interest rate cut expectations for 2024 will become once.

Due to the fiscal deficit and strong risk aversion,

Terminal interest rates may remain above neutral interest rates.

In the economic outlook summary,

Core PCE inflation is expected to rise to 2.8% in 2024.

The FOMC statement and Powell's wording are not expected to change significantly.
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