Will the Fed shock the markets and cut interest rates by 275 basis points for 2024?
UBS expects the Fed to cut interest rates by 275 basis points by the end of 2024 under pressure from economic growth slowing sharply in the next few quarters.
The bank also expected that the US economy would contract by half a percentage point in the middle of next year and that this would lead to a decline in retail spending, a deterioration in the consumer balance sheet, and a continued rise in the unemployment rate.
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