Markets strongly expect U.S. interest rate cuts starting in September, but nothing is certain and next month's rate cut will still depend on upcoming economic data, the chief executive of the Aymara International Fund said. Inflation has been falling and is approaching the Federal Reserve's target, while high interest rates still weigh on the economy and the job market. The Federal Reserve left interest rates unchanged on Wednesday, but left the door open for a September rate cut. Markets now expect three rate cuts this year, with further cuts expected in 2025.