Strong non farm employment data, Barclays and Goldman Sachs expect the Federal Reserve to cut interest rates in July The strong non farm payroll data released on Friday has led two major financial institutions, Goldman Sachs and Barclays, to coincidentally anticipate that the Fed's next interest rate cut may not happen until at least July. Goldman Sachs still expects three 25 basis point rate cuts each in 2025, in July, September, and December