Goldman saw the plunge in market odds, pushes back its next Fed rate forecast from October to December and sees "a strong chance that the FOMC will ultimately conclude that additional rate hikes are unnecessary." "Based on today’s inflation report, we now expect 3.0% growth for core PCE on a Q4/Q4 basis, well below the median FOMC participant's forecast of 3.4%. Coupled with comments from New York Fed President John Williams yesterday, we now think that an October hike is unlikely. We are pushing back the second hike in our forecast to December, and we see a strong chance that the FOMC will ultimately conclude that additional rate hikes are unnecessary." - Goldman