David Mericle, economist at Goldman Sachs, said in a recent note: "We expect Powell to express more confidence in the inflation outlook and highlight downside risks to the labour market more than he did in his press conference following the July FOMC meeting." Goldman's outlook for Fed rates is broadly in line with the market: the Fed is expected to cut rates at each of its next three meetings and then ease more, eventually cutting the federal funds rate by about 200 basis points. The bank believes Powell will foretell this policy path in very general terms at Jackson Hole.