The Federal Reserve will cut borrowing costs far less than Wall Street is anticipating as the “massive” spending boom in artificial intelligence fuels robust growth, according to fund management giant Vanguard.
Sara Devereux, who oversees $2.8tn in assets as Vanguard’s fixed-income chief, said she expected the Fed to reduce interest rates once or twice following a duo of quarter-point cuts this autumn. Her forecast contrasts sharply with market bets for three to four cuts by the end of 2026.
“Too many Fed cuts are priced into the market right now. The market is over-relying on that,” said Devereux in an interview with the Financial Times. “Maybe we have one or two more cuts.”
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