Goldman Reverses 2007 Fed Cut Call

Goldman Sachs Tuesday became the latest Wall Street dealer to reverse its call for a Federal Reserve rate cut in 2007, with economists at the firm now seeing growth picking up faster and the jobless rate ticking higher more slowly than they previously expected.

The bank previously saw the federal funds rate falling to 4.50 percent by year end, with the easing starting in September.

"However, although real GDP (gross domestic product) growth has slowed as anticipated, the absence of any tangible evidence of rising unemployment makes it unlikely that Fed officials will cut" rates, Goldman economists said in an email note.

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- Posted: 2007-06-06 09:25:28

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