according to Walter Bloomberg, Morgan Stanley currently expects the Fed to start cutting interest rates in September after Fed Chairman Jerome Powell hinted at increasing concerns about labor market risks at the Jackson Hole meeting. The bank predicts that the Fed will cut interest rates by 25 basis points next month, cut interest rates again in December, and then cut interest rates by 25 basis points each quarter until the end of 2026, when the final rate will be lowered to 2.75-3.0%. This is earlier than previous forecasts, but the magnitude is slightly smaller. However, a rate cut in September is not certain - strong employment data or inflation driven by tariffs could delay the rate cut.