[Goldman Sachs: Fed Ends with Two Rate Hikes, Inflation Declines Faster Than Expected] Deep Tide TechFlow reports, according to Tide Research, Goldman Sachs' September 22, 2026, research report indicates that the Federal Reserve raised interest rates by 25 basis points in September, with 16 out of 18 committee members expecting at least one more rate hike this year. Goldman Sachs predicts the second rate hike will occur during the October 27-28 meeting. Goldman forecasts the federal funds rate will drop to 3.25%-3.5% by the end of 2027, while market pricing suggests 4.3%-4.6%. The annualized growth rate of core PCE over the past three months has slowed to 2.5%, and Goldman predicts it will decline to 2.2% year-over-year by the end of 2027. Goldman believes core inflation is declining faster than the committee's expectations, signaling that this tightening cycle is nearing its end. The European Central Bank is expected to raise rates to 2.75% in December, and the Bank of England is expected to hike rates to 4% in November. S&P 500 earnings per share are projected to grow by 36% in 2026, slowing to 11% in 2027. AI-related bond issuance is expected to reach $420 billion in 2027. Goldman is optimistic about gold and 2027 refined oil long positions, and sees significant appreciation potential for the Chinese yuan.