Goldman sees the latter as more likely, and expects inflation to cool further from here, according to CNBC. "I do think the inflation numbers are going to be more important than the employment numbers," Hatzius said on CNBC's Squawk on the Street. He added that the upcoming inflation figures could "tell us whether the very good June inflation numbers were a one-off or maybe the start of a softer trend." Goldman believes inflation is currently the more critical variable for determining where interest rates go next. Goldman Sachs Fed rate cut forecast for 2026 and 2027Goldman has moved its rate cut call around a lot this year.