S & P Global Ratings said in a report that it expects U.S. economic growth to slow to 1.8 percent next year from 2.7 percent this year. S & P said it expects consumers to rein in their spending in the coming quarters. While the Federal Reserve is expected to continue cutting interest rates, S & P said: "We see the coming period of gradual easing as more of a precautionary measure to prevent growth from falling too below potential rather than an immediate stimulus to the real economy." Most of the latest activity indicators suggest that economic growth momentum remains slightly above trend, with the exception of continued sluggishness in housing and manufacturing, S & P said. It also said it had raised its growth forecasts for 2026 and 2027 as potential growth rose.