Roger Ruegg of Swisscanto/ZKB said the Federal Reserve could cut rates more than
currently expected, mainly if the labor market weakens. The Fed held rates
steady on Wednesday and projects one cut in 2026 and another in 2027. Ruegg
anticipates additional cuts in September and December, citing labor market
softness, while money markets currently price in less than a full cut this year,
per LSEG data.