[Goldman Sachs Delays Fed Rate Cut Expectations to December 2026, Inflation Pressure as Main Reason] Reported by Golden Finance, on May 10, Goldman Sachs postponed its forecast for the next two Federal Reserve rate cuts to December 2026 and March 2027. The report pointed out that the transmission of energy costs may keep core Personal Consumption Expenditures (PCE) inflation around 3% throughout 2026, higher than the Fed's 2% target. Previously, the International Monetary Fund (IMF) also predicted that core PCE would not return to 2% until early 2027 at the earliest. Goldman Sachs' U.S. economists believe that cooling monthly data and weakening labor markets need to precede rate cuts. On April 29, the Federal Reserve maintained the federal funds rate at 3.50% to 3.75%, with four dissenting votes at the meeting—the most since 1992. According to CME FedWatch data, the market estimates a 93.4% probability that rates will remain unchanged at the June 17 meeting. Lindsay Rosner from Goldman Sachs Asset Management previously stated that hawkish sentiment might dominate the June FOMC meeting. For the crypto market, the delay in rate cuts tightens liquidity flowing into risk assets, and a stronger dollar tends to suppress crypto asset valuations.