UBS CEO Sergio Ermotti noted in an interview with CNBC that the market's expectations for aggressive rate cuts by the Fed are somewhat too ahead of the curve.The fight against inflation is not yet over, Ermotti said, and the most important issue is that the Fed needs to consider inflation, which remains sticky and not fully under control. He expected the Fed to cut rates, but not to the extent the market is anticipating.Related NewsFed Projects Jobless Rate to Edge Up This Yr, Another 50bps Cut by Yr EndErmotti also stated that consumers are holding up well even though there is much stickiness in part of the inflation. He believed the current outlook aligns very well with a soft landing, and UBS remains somehow positive on the economic situation.According to interest rate futures, the market expects an 85% chance of a quarter-point rate cut by the Fed next week, and a 15% chance of a half-point cut.