Goldman Sachs said in a research note that it now expects the Federal Reserve to lower the federal-funds target range by a quarter percentage point at each of the three remaining meetings this year—on Sept. 17, Oct. 29 and Dec. 10. The projection would take the range from its current 4.25%–4.50% to 3.50%–3.75% by year-end, marking the first easing cycle since the Fed halted rate increases in early 2024. The bank added that a larger, 50-basis-point reduction at the September meeting is possible if the next U.S. employment report shows a material uptick in the unemployment rate. Goldman’s forecast contrasts with market pricing that had pointed to a slower pace of cuts, and underscores investor debate over how quickly Chair Jerome Powell and his colleagues might pivot as growth moderates.