"Saudi Davos" Future Investment Initiative Annual Meeting | Most global financial giants agree that the Federal Reserve may cut interest rates again by the end of 2024

Global financial giants gathered in Riyadh this week for an annual forum similar to Davos. They are mostly optimistic about the outlook for the U.S. economy, but express concerns about the weaker economic growth in Europe. Citigroup CEO Jane Fraser, BlackRock's Larry Fink, Goldman Sachs' David Solomon, and other bankers and financiers attended the Future Investment Initiative (FII) in Saudi Arabia. Many executives at the conference hinted that the market's bets on further rate cuts by the Federal Reserve may have gone too far. When asked if they thought the Fed would cut rates twice more this year, not a single person in a panel discussion involving executives from Goldman Sachs, Morgan Stanley, Standard Chartered, The Carlyle Group, Apollo Global Management, and Duff & Phelps raised their hand; most agreed that the Fed may cut rates once more by the end of 2024