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Citigroup Maintains Forecast for Three Fed Rate Cuts This Year Despite Strong May Jobs Data

2026-06-06 02:28:42

According to Citigroup chief U.S. economist Andrew Hollenhorst, despite strong May nonfarm payroll data released on Friday (June 5), Citigroup maintains its forecast that the Federal Reserve will cut rates three times this year—25 basis points each in September, October, and December. The U.S. Labor Department reported 172,000 nonfarm jobs added in May, exceeding economist expectations and marking the strongest three-month employment gain in over two years. Hollenhorst expects the labor market will cool over the next three months, prompting markets to refocus on rate cut prospects rather than hike probabilities. Citigroup and Goldman Sachs remain nearly alone on Wall Street in predicting Fed rate cuts for 2026, with most major banks having abandoned such forecasts amid persistent inflation and resilient employment growth.

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