Internet reported that David Kohl, chief economist of Baosheng, Switzerland: The Federal Reserve is expected to start a series of 25 basis point interest rate cuts starting in October, and the federal funds target rate will drop from the current 4.5% to 3.5% in March 2026. After that, the Fed will sit tight, and inflation may be closer to the 3% target rather than the 2% target. Monetary policy relaxation mainly responds to receding inflation risks, and secondly, to economic growth risks and rising unemployment.