as the US employment report showed increasing downside risks in the labor market, Barclays economists predict that the Fed will cut interest rates in September, October, and December, even though data to be released this week may show accelerating consumer inflation. However, they ruled out the possibility of a significant rate cut by the Fed. The report stated: "We believe the likelihood of a 50 basis point rate cut is small, and the market is indeed pricing it in, with the upcoming CPI and Quarterly Census of Employment and Wages (QCEW) having limited impact on this expectation." Economists still predict that there will be another rate cut in March and June 2026, bringing the final rate to 3.00%-3.25%. In contrast, Barclays expects the European Central Bank to keep rates unchanged this week, while fiscal pressures will continue, especially in France and the UK.