"Federal Reserve's Rate Cuts Expected in 2024 with Potential Soft Landing, CNBC Survey Reveals"

According to the CNBC Fed Survey, respondents predict that the Federal Reserve will begin rate cuts in mid-2024, but not as aggressively as markets have priced in. The average forecast is for about 85 basis points of cuts next year, lower than the 120 basis points priced into futures markets. Respondents also increased the probability of a soft landing and lowered the chance of a recession in the next year. However, they expect unemployment to rise and GDP growth to be below potential. Inflation is forecasted to decline, and there is a wide range of views on when the Fed will end quantitative tightening. The S&P is expected to rise above 5,000 by the end of 2025, but respondents see only modest gains in the near term.