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Citigroup Holds to 3-Rate-Cut Forecast for 2026 as Non-Farm Jobs Rise 172K

GateNews
Forex
According to Citigroup's chief U.S. economist Andrew Hollenhorst, the bank is maintaining its increasingly isolated forecast that the Federal Reserve will cut rates three times in 2026, despite strong employment data released on Friday, June 5. The U.S. Labor Department reported 172,000 non-farm jobs added in May, exceeding economist expectations. Hollenhorst said the data will lead Fed officials to focus more on inflation risks at the June 16-17 meeting, but he expects the labor market to cool over the next three months, paving the way for rate cuts in September, October, and December. Currently, Citigroup and Goldman Sachs are the only major Wall Street banks predicting Fed rate cuts this year; most competitors have abandoned 2026 rate-cut forecasts due to persistent inflation and strong job growth.
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