Goldman Sachs isnt buying what hawkish Fed officials are selling. Its economists dont see the Federal Reserve raising short-term rates until 2013  well beyond what markets currently anticipate.

The Goldman note comes amid chatter that House Republicans will propose $4 trillion in spending cuts over the next decade. According to Dow Jones, Goldman refers, in part, to a recent IMF study that suggests budget slashing hurts short-term economic growth. So, the Fed might wait to see what the budget picture looks like before...