Goldman Sachs Research summarizes its Fed and ECB policy trajectory for the rest of the year.

"We expect the Fed to leave the policy rate unchanged at 3.5-3.75% for the rest of 2026," GS notes.

"We expect the ECB to deliver one more 25bp hike in September to a peak policy rate of 2.5% before cutting back to 2% in 2027, though we see a low hurdle for a September hold if Euro area data comes in weaker than expected," GS adds.