FED COULD CUT RATES FOUR TIMES STARTING OCTOBER Julius Baer anticipates a series of 25-basis-point interest-rate cuts by the Federal Reserve starting in October, says chief economist David Kohl in a note. That would lower the Fed funds target rate from 4.5% to 3.5% by March 2026, he says. Thereafter the Fed is expected to pause, as inflation is likely to remain closer to 3% than to the Fed's target of 2%, Kohl says. Julius Baer anticipates that monetary policy will ease predominantly in response to fading inflation risks, and to a lesser extent in response to growing risks to economic growth and rising unemployment.