Fed preview: Most banks expect 25 bp cut, some 50 bp bigger easing, bigger impact, move

Fed FOMC rate cut expectations (Statement due on Wednesday 17 September 2025 at 2pm US Eastern time, 1800 GMT).

Most banks lean toward a 25 bps trim, but a couple of houses see the Fed moving faster with a 50 bps cut.

25 bps cut (consensus view):

• BMO

• Barclays

• CIBC

• Goldman Sachs

• JPMorgan

• Morgan Stanley

• Nomura

• RBC

• Scotiabank

• Wells Fargo

50 bps cut (more aggressive):

• Standard Chartered

• Société Générale

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A 25 bps cut is largely priced in and may not move markets much unless guidance shifts.

A 50 bps cut, however, would likely spark USD weakness, a Treasury rally, and could fuel a risk-on move in equities and gold.

This article was written by Eamonn Sheridan at investinglive.com.