What to bet on before the Federal Reserve cuts interest rates? Goldman Sachs' chief strategist recommends: five-year U.S. Treasuries for both offense and defense
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Goldman Sachs chief strategist Josh Schiffrin recommends five-year U.S. Treasuries as the preferred trading instrument before a potential rate cut by the Federal Reserve. He believes that the bond is attractive in the yield range of 3.75% to 4% and can provide protection during heightened market risks. Schiffrin predicts a very high probability of a 25 basis point rate cut in September based on the judgment that the Federal Reserve will shift to an easing policy and the cooling of the labor market. A Reuters survey shows that 61% of economists expect the Federal Reserve to cut rates at the meeting on September 17
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