Some of the world’s biggest names in finance, gathered at Saudi Arabia’s Future Investment Initiative, seemed to suggest market bets for Federal Reserve interest-rate cuts might be overdone.

Asked if they think there will be two more rate cuts this year, not a single executive in a panel that included the heads of Goldman Sachs Group Inc., Morgan Stanley, Standard Chartered Plc, Carlyle Group Inc., Apollo Global Management Inc. and State Street Corp., raised their hands.

A majority agreed there might be one more reduction by the end of 2024.

“It is hard to think about monetary policy” until “you get through the election and we get a clear sense of policy actions,” Goldman’s Chief Executive Officer David Solomon said.

In September, the Federal Open Market Committee voted 11 to 1 to lower the federal funds rate to a range of 4.75% to 5%, after holding it for more than a year at its highest level in two decades. That was the Fed’s first rate cut in more than four years, and many traders see policymakers cutting rates twice more this year, and to about 3.5% by the end of 2025.

BlackRock Inc.’s CEO Larry Fink made similar remarks earlier on Tuesday.

“We have greater embedded inflation in the world than we’ve ever seen,” he said on a panel. “We’re not going to see interest rates as low as some people are forecasting.”

This article was provided by Bloomberg News.