According to Bank of America‘s monthly global fund manager survey, investors are confident the Federal Reserve will lower interest rates at least twice in the next year.

What Happened: Here’s a breakdown of the findings, per Barron’s:

84% of investors anticipate a rate cut sometime in 2024.

33% of respondents foresee two rate cuts in the coming year.

31% predict three cuts.

14% expect more than three reductions.

8% believe the Fed will maintain current rates throughout the period.

39% of investors predict a rate cut in September.

16% expect a cut in November.

23% foresee a cut in December.

6% believe a rate cut will occur as early as July.

See Also: May Retail Sales Fall Short, Suggest Weakening Consumer

Why It Matters: The Federal Reserve’s interest rate decisions significantly impact the economy, borrowing costs, interest rates and the stock market.

The Fed has maintained its benchmark policy rate in the 5.25%-5.5% range since July 2023 to counter inflationary pressures.

Its projections, released earlier this month, indicate the median forecast of all 19 U.S. central bankers was for a single interest rate cut this year.

When? Neel Kashkari, the President of the Minneapolis Federal Reserve, says “toward the end of the year.”

What’s Next: The next Federal Open Market Committee meeting will be held July 30-31.

At last month’s FOMC meeting, Fed Chair Jerome Powell pushed back on fears of rate hikes, deeming them as “unlikely.”

Price Action: The SPDR S&P 500 ETF Trust ( SPY ) was up 0.075% at last check Tuesday, while bonds, as gauged by the iShares 20+ Year Treasury Bond ETF ( TLT ) were 0.52% higher.

Now Read: Wall Street Looks Jaded After Record Run As Traders Shift Focus To Retail Sales Data, Fed Speeches: ‘FOMO Still Rules The Market For AI-Related Stocks,’ Says Analyst