Citi Maintains Rate Cut Forecast After Fed Holds Steady
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On July 30, Citi economists Andrew Hollenhorst and Veronica Clark wrote in a note to clients that after officials held interest rates steady on Wednesday, Citi still maintains its forecast that the Federal Reserve will cut rates later this year. Citi still expects the unemployment rate to rise in the coming months, prompting the Fed to cut rates in October, December, and January.
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