Oct 7 Reuters J.P.Morgan and BofA Global Research have joined a growing rank of major brokerages that expect the U.S. Federal Reserve to reduce interest rates by 25 basis points in November.
BofA and J.P.Morgan have reduced their estimate to 25 bps from 50 bps after the blowout U.S. nonfarm payrolls data on Friday pointed to a resilient economy.
Goldman Sachs, Barclays, Macquarie and Deutsche Bank reiterated their forecasts of a 25 bps cut each in November and December.
Here are the forecasts from major brokerages after the jobs report
Rate cut estimates in bps
2024
Nov
Dec
2025
Fed Funds Rate at end of 2025
BofA Global Research
25
25
125
3.03.25 end 2025
Deutsche Bank
25
25
125
3.253.50
Barclays
25
25
75
3.503.75
Macquarie
25
25
100 through June 2025
3.253.50 through June 2025
Goldman Sachs
25
25
100 through June 2025
3.253.50 through June 2025
J.P.Morgan
25
25
150 through September 2025
3.0 through September 2025
UBS Global Wealth Management
50
100…