Goldman Sachs Research updates its Fed rates call after yesterday's September FOMC meeting,

"We now expect the FOMC to deliver a second 25bp hike in October, a change from our previous expectation that September would be the only hike. We think October is the most likely time for the next move because it is most natural to deliver hikes that the FOMC presented today as supporting “a timelier return" to the 2% target at consecutive meetings," GS notes.

"We have kept our forecast for the terminal rate unchanged at 3.25-3.5% by adding to the September and December 2027 rate cuts we already expected at third 25bp cut in March 2028. Additional hikes are possible but not our base case," GS adds.