Woofun AI reports that Citigroup Research asserts the rationale for interest rate hikes has vanished, pointing to significant weakening in June US non-farm payroll data which added only 57,000 jobs. The bank notes that previously hawkish drivers, including rising oil prices and accelerated wage growth, have dissipated. Citigroup maintains its forecast for the Federal Reserve to hold rates steady in July and September, then initiate a 25 basis point cut on October 28, followed by another cut in December to reach a 3.0% to 3.25% target range by year-end.