Seeing ‘genuine’ signs of weakness in the US job market, it does not expect the picture to change enough by the December meeting for the Federal Open Market Committee (FOMC) to stop cutting.

Goldman Sachs Research recently forecast that the US Federal Reserve will cut interest rates again in December.
Seeing ‘genuine’ signs of weakness in the US job market, it does not expect the picture to change enough by the December meeting for the Federal Open Market Committee to stop cutting.
It also expects two 25-basis-point cuts in March and June next year to a terminal rate of 3-3.25 per cent.

Though Fed chair Jerome Powell was more hawkish than expected during the central bank’s recent press conference, Goldman Sachs Research still expects policymakers to lower their target rate again this year.

It also expects two 25-basis-point cuts in March and June next year to a terminal rate of 3-3.25 per cent, it said in an insights article on its website.

The FOMC cut its target rate in October for the second time this year, lowering the fed funds rate by 25 basis points to 3.75-4 per cent. The Fed also said it would stop running off its $6.6-trillion balance sheet at the start of December. The principal payments of mortgage backed securities will only be reinvested into Treasury bills.

While most official economic data releases have been suspended by the government shutdown, Powell noted that the available official and alternative indicators suggest that inflation (net of tariff effects) is now close to the 2-per cent target and that the labour market has continued to cool gradually.

The FOMC’s summary of economic projections for September implied that most participants saw a December cut as the baseline, according to Goldman Sachs Research. The Fed’s past packages of risk management cuts (proactive rate cuts to guard against potential risks to the economy) also suggest that a third and final cut is the default.

Labor market data are “unlikely to send a convincingly reassuring message” by the time of the FOMC meeting in December, David Mericle, chief US economist, wrote in the team’s report.

Deferred resignations of government employees instigated by the Department of Government Efficiency are likely to generate a negative payrolls report in October and “weigh a bit on November,” Mericle added.

Fibre2Fashion News Desk (DS)

“Dave’s leadership, financial discipline, and unwavering commitment have been instrumental in shaping Under Armour’s success and resilience over more than two decades,” said Kevin Plank, Under Armour President and CEO. “As we enter a crucial time for the brand, we are deeply thankful for his many contributions and his partnership in ensuring a smooth transition. Reza brings a global perspective, strong financial expertise, and a strategic mindset that align perfectly with our goals for Under Armour’s next chapter. His leadership will be essential as we strengthen our foundation, drive growth, and unlock the full potential of our brand for athletes and shareholders around the world.”

Under Armour has appointed Reza Taleghani as EVP and CFO, effective February 2026, succeeding long-time CFO David Bergman, who will stay through Q1 FY2027 for transition.
Taleghani joins from Samsonite, where he led major financial and operational improvements.
He brings over 25 years of global finance experience to support Under Armour’s next growth phase.

“I am honored to join Under Armour at such a significant and energizing moment in its growth,” said Reza Taleghani. “This is an iconic company with a strong foundation, a passionate team, and an unwavering focus on performance and innovation. I look forward to working closely with Kevin and the leadership team to advance our strategic priorities, improve financial results, and create long-term value for our teammates, athletes, and shareholders.”

Reza Taleghani – Background  

Mr. Taleghani has more than twenty-five years of global financial and operational leadership experience. He joins Under Armour from Samsonite Group S.A., where he has served as EVP and CFO since 2018, overseeing global finance, accounting, investor relations, treasury, internal audit, and mergers and acquisitions. During his tenure, he led major financial and operational transformations, resulting in record gross margins and EBITDA margins.

Before joining Samsonite, Mr. Taleghani served as President and CFO at Brightstar Corp., a SoftBank portfolio company, where he led its device protection and financial services divisions and managed key international acquisitions. He spent over 15 years at J.P. Morgan, holding senior roles in investment banking, commercial banking and asset management, and served as President and CEO of Sterling Airlines A/S in Copenhagen. Mr. Taleghani earned a JD/MBA from Villanova University and dual bachelor’s degrees from Brown University. 

Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged.

Fibre2Fashion News Desk (RM)