According to Odaily Planet Daily, Nationwide Chief Economist Kathy Bostjancic predicts the Federal Reserve will have cut interest rates by a cumulative 75 basis points by the end of the year. She noted, "Powell adopted a significantly more dovish tone and left the door wide open for a September rate cut, arguing that downside risks to employment are significantly increasing. This supports our call for a 25 basis point rate cut next month, and we continue to expect the Fed to have cut a cumulative 75 basis points by the end of the year, given further weakening in the labor market and a mild and temporary rise in inflation." (Jinshi)