“We see the economy hitting a soft patch in the first half of the year that results in a more aggressive cutting profile starting in mid-year.”

In an interview with Reuters, Brett Ryan, Deutsche Bank's senior U.S. economist, noted that “Deutsche Bank expects two quarters of negative economic growth in the first half of 2024, which leads to a ‘pretty sharp rise’ in the unemployment rate to 4.6 percent by the middle of next year from 3.9 percent now.” Read the article, “U.S. Recession Will Prompt 175 Basis Points in Fed Cuts Next Year, DB Economists Say.”