July 28, 2025 07:21 PM GMT Federal Reserve Monitor | North America Paths to September rate cuts Although we retain our outlook for no rate cuts in 2025, the economy can evolve differently than we expect. We examine five alternative paths the US economy could take that could justify cuts later this year, several that could call for cuts as early as September. Key Takeaways M Paths to September rate cuts Our baseline outlook is for no cuts in 2025... Our baseline outlook for Federal Reserve policy this year r ...