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Goldman Sachs noted that the October U.S. CPI report came in well above expectations. David Mericle, the firm's chief U.S. economist, said he still expects a second 25-basis-point rate hike in December and has factored a third 25-basis-point hike in March 2027 into his forecasts. He said the third hike could come as early as January but believes March is more likely, since November and December inflation reports are expected to be relatively mild, while persistent cost pressures at the start of the year will push up January inflation and send prices sharply higher. Goldman Sachs remains confident that prices will fall significantly by the end of next year as factors such as tariffs, energy shocks, and AI-related price pressures gradually fade.
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