Recent surveys by Bloomberg and Goldman Sachs forecast a rate cut is on the cards at Fed’s upcoming meeting next week. While 85% of economists polled by Bloomberg anticipate the FOMC will announce a 0.25% rate cut next week, Goldman Sachs sees a 95% likelihood of this happening.

Both forecasts also point to this next rate cut being the last one for at least some time to come. Expectations are high that the US central bank’s policymakers could cool-off its dovish tone for the near future after the third rate cut this year, and adopt a wait and watch approach for further signs of weakness in the global as well as the US economy.

Bloomberg’s survey also expects the Fed to downgrade consumption to ‘solid’ from the previous ‘strong’ on account of the recent decline in retail sales figures for September. The Fed could also acknowledge the decline in the unemployment rate from 3.7% to 3.5%. The Fed could still go ahead with another rate cut in reaction to continued trade tensions and inflation staying below the targeted rate.