Deutsche Bank: The Federal Reserve may not cut interest rates until December.

Analysts at the Deutsche Bank Research Center said in a report that the Federal Reserve may keep policy rates unchanged before cutting them in December, and then further easing policy next year. "Our basic assumption is still that the next rate cut will be in December, followed by two more rate cuts in the first quarter of 2026, each by 25 basis points," the analysts said. They also mentioned that the easing of tensions between the US and China reduces the risk of further deterioration in the US labor market, but other tariff measures may keep inflation at an uncomfortably high level.