INFLATION MAKES INTEREST RATE CUTS LESS LIKELY THIS YEAR: GOLDMAN SACHS "High inflation and high survey-based inflation expectations raise the bar for possible rate cuts this year, Goldman Sachs economists write. They note that survey data are muddied by respondents' political leanings, but still can't be ignored. They add that deteriorating economic indicators could still push the Fed to cut interest rates. They say officials would be reassured if "market-based inflation compensation implies that this year's inflation bump will not persist beyond 2025." Moreover, "a weaker economy should generate slightly lower inflation in the years ahead." Futures markets are split between two or three cuts this year, CME data show"