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[Vanguard: Fed Rate Cuts May Be Smaller Than Wall Street Expects] Global asset management company Vanguard stated that the large-scale capital expenditure boom in the field of artificial intelligence is driving economic growth, and the Federal Reserve's rate cuts are expected to be smaller than Wall Street's general expectations. Sara Devereux, head of fixed income managing $2.8 trillion in assets, predicts that after two consecutive 25 basis point rate cuts by the Fed this fall, there may be one or two more rate cuts next year. This contrasts with the market's general expectation of three to four rate cuts by the end of 2026. Sara Devereux believes the Fed may reach a "neutral rate" level by mid-next year.