Royal Bank of Canada continues to expect a soft landing rather than a recession in the US, with the Fed cutting interest rates by 25 basis points in September. The bank expects the Fed's Summary of Economic Projections (SEP) to show a median of 75 basis points of rate cuts this year, up from 25 basis points expected in July, aligning with its own forecasts. In addition, the bank believes Fed Chair Powell's comments are likely to remain cautious—hinting at future rate cuts while not committing to a predetermined path, allowing for greater flexibility in future decisions. (Golden Ten)