Starting off the year, Goldman was prodigiously optimistic, bullish… and dead wrong. Since then the bank has cut its rate hike forecast from 4 to 3 to 2 and, now in the aftermath of Brexit, it has just the excuse to say that “our forecasted path for the funds rate now looks quite unlike any tightening cycle in modern Fed history—one increase, followed by an extended pause, followed by gradual but steady increases over the subsequent three years.” Which, quite simply, is another way for Goldman to say it was dead wrong. Again.