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Goldman Says September Fed Hike Unlikely, January Next

8/19/2026

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Story summary

Jan Hatzius, chief economist at Goldman Sachs, said a September Federal Reserve (Fed) rate hike is unlikely.
FedWatch puts the odds of a September hike at about 30% while traders now expect the next increase in January after July inflation eased to 3.4% YoY and PPI fell to 4.7% YoY.
Goldman Sachs notes that two-year Treasury yields slipped to 4.1% and expects the Treasury curve to steepen as inflation cools.

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Story summary

Jan Hatzius, chief economist at Goldman Sachs, said a September Federal Reserve (Fed) rate hike is unlikely.
FedWatch puts the odds of a September hike at about 30% while traders now expect the next increase in January after July inflation eased to 3.4% YoY and PPI fell to 4.7% YoY.
Goldman Sachs notes that two-year Treasury yields slipped to 4.1% and expects the Treasury curve to steepen as inflation cools.