Fed still set to cut US rates late this year, say economists, rejecting market pricing: Reuters poll - Reuters

Markets are pricing fewer cuts than economists expect, but this divergence misses the bigger picture. Real rates remain deeply negative with inflation running hot. The Fed's trapped between fighting inflation and propping up an overleveraged economy. Either path leads to currency debasement. If they cut as economists predict, gold rallies on weaker dollar dynamics. If they hold rates higher as markets suggest, recession risk spikes and safe haven demand kicks in. Central banks aren't slowing their gold accumulation regardless of Fed policy. The COMEX registered inventory tells the real story - physical demand isn't waiting for rate clarity. Stack accordingly.