Markets are getting too far ahead of themselves in expectations for the Federal Reserve to cut rates, according to Goldman Sachs President and Chief Operating Officer John Waldron.

• The market is pricing in a fairly substantial set of moves by the Fed.

• I worry a little bit that the market is too optimistic about how much and how soon the Fed will move.

• The market is currently pricing in more than a hundred basis points in cuts now.

• The Fed will be more reliant on the data than they will on the short-term sentiment.