Goldman Sachs has stated that the difficult phase of the United States' fight against inflation seems to be over. Once the core PCE falls below 2.5%, it is expected that the Federal Reserve will cut interest rates from the fourth quarter of 2024 to the second quarter of 2026, with a reduction of 25 basis points per quarter. Two key risks still exist: soaring oil prices and the possibility of something breaking in the new interest rate environment. The risks are real but controllable, partly because the Federal Reserve can freely cut interest rates next year and has enough room to do so.