智通财经网·2025-08-05 06:21Core Viewpoint - Goldman Sachs anticipates that the Federal Reserve will begin cutting interest rates in September, with expectations for three consecutive 25 basis point reductions [1] Group 1: Federal Reserve's Actions - The Federal Reserve is expected to lower rates if the next employment report shows an increase in the unemployment rate, potentially by an additional 50 basis points [1] - San Francisco Fed President Daly indicated that the timing for rate cuts is approaching due to evidence of a weakening job market and a lack of persistent tariff-related inflation [1] - New York Fed President Williams expressed an open attitude towards rate cuts but emphasized the need to ensure inflation is controlled [1] Group 2: Employment Data - The U.S. added only 73,000 non-farm jobs in July, significantly below market expectations [1] - Job additions for May and June were revised down by a net 258,000, raising concerns about the labor market's strength [1] - These weak signals have led the market to significantly adjust expectations for a rate cut by the Federal Reserve in September [1] Group 3: Market Perspectives - Despite the prevailing expectations for a rate cut due to poor employment data, Bank of America maintains its stance that the Federal Reserve will keep rates unchanged [1]