Barclays: The Fed's rate cut is a certainty, but the future direction of policy remains uncertain.

The market widely expects the Federal Reserve to cut interest rates by 25 basis points this week, but there is still uncertainty about the direction of guidance after the policy is implemented. Barclays Chief US Economist Marc Giannoni said that in the background of inflation data remaining mild, the FOMC will determine that the downside risks to achieving employment goals are increasing. He added that the Fed's economic forecast report has changed little, but the dot plot will show three rate cuts this year, one each in 2026 and 2027, with the median forecast for long-term interest rates remaining unchanged at 3.0%.