Goldman Sachs' economic research team, in their preview report for the October FOMC meeting, stated that they expect the Federal Reserve to skip the October meeting after its September rate hike, but likely act again in December to complete the second and final rate hike of this cycle. Goldman Sachs believes that the recent tightening of financial conditions by approximately 30 basis points is only slightly more than the magnitude of a 25 basis point hike, and far from sufficient to substitute for further rate increases. Federal Reserve Governor Christopher Waller's statements also point to an "alternate meeting" pace for rate hikes. Furthermore, Goldman Sachs does not expect a rate hike in March 2027, as inflation overshoot primarily stems from supply shocks, but rising energy prices pose the biggest upside risk to inflation forecasts.