Goldman Sachs Group Inc (NYSE:GS) has cut its U.S. growth estimates for 2023 after the government recently boosted its predictions for Federal Reserve interest rate hikes, reports Bloomberg. 

Here are the key takeaways: 

• Goldman raised its federal funds rate forecast by 75 basis points over the last two weeks for a terminal rate forecast of 4% to 4.25% by the end of 2022. 
• Also Read: How Is The Market Feeling About Goldman Sachs Group?
• Goldman raised forecasts for the unemployment rate, saying it will be about 3.7% by the end of 2022, compared with a call for 3.6% previously.
• The investment bank expects unemployment to increase to 4.1% by the end of 2023 versus 3.8% previously and to 4.2% by December 2024, compared with a prior estimate of 4%.
• Economists at Goldman said that the growth forecast is slightly below consensus and implies a below-potential growth trajectory that they believe is necessary to cool wage and price inflation.

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