Kit Juckes, chief global FX strategist at Socie ́ te ́ Ge ́ ne ́ rale, said in a note that money markets' current expectations for a US rate cut in 2024 appear to be overdone, and the possibility of a larger 50 basis point cut in September remains unlikely. U.S. money markets now expect a 103 basis point cut in 2024, according to Refinitiv data, suggesting the Federal Reserve will cut rates by at least 50 basis points in at least one of its three remaining meetings this year. "The front end of the interest rate curve over the next six months already reflects too many rate cuts unless the economy slows significantly," Juckes said. There is a lot of uncertainty about the extent of the slowdown, he said.