Goldman Sachs CEO Solomon doesn't expect the Federal Reserve to cut interest rates this year

David Solomon, chief executive of Goldman Sachs, said he now does not expect the Federal Reserve to cut interest rates this year because the economy has shown greater resilience thanks to government spending. "I still don't see compelling data that we're going to cut rates," he said at a Boston College event, adding that he currently expects "zero" rate cuts. Investment in artificial intelligence infrastructure is also pushing the economy to be more resilient in the face of the Fed's monetary tightening. Solomon also said there is a greater risk of a somewhat "real" slowdown in the economy than there was six months ago. He cited geopolitical fragility and said people will have to live with that for a long time.