Citi Research analysts have been making a prediction about rate cuts that seems to run counter to any other estimates, including those of the Federal Reserve. At the beginning of July, Fed Chair Jerome Powell made a balanced statement between dovish and hawkish monetary strategy.

And then on Tuesday in congressional testimony, Powell said that the Federal Open Market Committee doesn't expect "it will be appropriate to reduce the target range for the federal funds rate until we have gained greater confidence that inflation is moving sustainably toward 2 percent." First quarter data didn't provide them with the evidence for "such greater confidence," and the Fed typically looks for periods of upward a year.

But Citi seems sure that the Fed will make a total of 200 basis points over eight FOMC meetings, according to Fortune. "A continued softening of activity will provoke cuts at each of the subsequent seven Fed meetings, in our base case," Citi wrote. They're betting on the first rate cut coming in September.

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