Most economists expect the Fed to cut rates by 25 basis points in September and two more during the year

A majority of economists surveyed believe the Federal Reserve will cut interest rates by 25 basis points at each of its three remaining policy meetings in 2024, according to a Reuters poll. Only nine out of 101 economists expect the Fed to cut rates by 50 basis points next week. Stephen Stanley, chief U.S. economist at Santander, said: "The jobs report, while weak, was not catastrophic. Neither Williams nor Waller provided clear guidance on Friday on the pressing issue of a 25 basis point cut and a 50 basis point cut on September 18, but they both provided a relatively benign assessment of the economy, which in my opinion strongly points to a 25 basis point cut." Sixty-five of the 95 economists surveyed believe the Fed will cut interest rates twice this year, by 25 basis points each, in November and December after next week's meeting, up from 55 of 101 economists surveyed last month.