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Bank of America, Goldman Sachs, and JPMorgan Chase Look Ahead to the Federal Reserve Meeting
BlockBeats News, October 30th: Bank of America, Goldman Sachs, and JPMorgan shared their forward-looking views on Powell and the Fed meeting.
Bank of America's view on Powell and the Fed meeting:
Due to limited official data and mismatch between the labor market and consumer data, Powell is unlikely to provide further economic guidance after this meeting. The statement may indicate a "solid" rebound in economic activity. Possible dissents: Milan (proposing a 50 basis point rate cut) or Goolsbee/Schmidt's hawkish dissents. Quantitative tightening will end immediately. Powell's press conference may focus on the discrepancy between consumer and labor market data, and market reaction will depend on his interpretation of strong consumer performance. Expected future rate cuts: October, June, September, and December 2026.
Goldman Sachs on the Federal Open Market Committee:
The market's focus may be on the extent to which the Federal Open Market Committee (FOMC) sees its policy as nearing a neutral level, where quantitative tightening (QT) is crucial. Quantitative tightening is highly likely to end at this meeting. Future rate cut plan: 25 basis point cuts in October and December, two more cuts in 2026, with a target rate range of 3% to 3.25%.
JPMorgan on the Federal Open Market Committee:
The market broadly expects a rate cut, with even hawkish Fed officials not dissenting from market expectations. The statement is expected to remain largely unchanged—economic activity remains solid but job growth is slowing, and inflation remains high. Milan may dissent against a 50 basis point rate cut; quantitative tightening will end immediately. Powell will define accommodative policy as risk management and will not provide guidance on the December policy direction. Future rate cut plan: 25 basis point cuts in October, December, and January.
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