Goldman Sachs is warning that a growing consensus that the Federal Reserve will cut rates soon is misguided. Chairman Jerome Powell said last week the Fed will “act as appropriate to sustain the expansion, ” which the market interpreted as a signal of rate cuts on the horizon. “Although it is a close call, we still expect the FOMC to keep the funds rate unchanged in the remainder of the year,” Jan Hatzius, the bank’s chief economist, said in a note on Monday. “In our view, this was not a strong hint of an upcoming cut but was simply meant to provide reassurance that the FOMC is well aware of the risks from the trade ... (full story)