Goldman Sachs's chief economist, Jan Hatzius, remains convinced that the Fed will follow through on the hints of two more cuts by year-end, particularly following last week's weaker-than-expected jobs report. He expects more of the same into the first half of 2025.

The receding expectations of aggressive easing have spurred a more than 4% rally in the US dollar, as measured by its index against a basket of six major currencies. However, Fed rate cut bets have not been the only factor pushing up the dollar.

Two days after the election, the Federal Reserve will cut rates again. No one knows how Tuesday’s presidential election will turn out, but the Federal Reserve’s move two days later is much easier to predict: With inflation continuing to cool,

The US Federal Reserve is widely expected to cut interest rates again this week, while votes are being counted in one of the closest-fought presidential races in decades.