【Deutsche Bank expects the expectation of the first rate cut by the Federal Reserve to be postponed to September】Caixin on May 8th, Morgan Stanley's economists cited "lack of progress in inflation" and postponed the expectation of the first rate cut by the Federal Reserve from July to September. They still expect three interest rate cuts this year, each of which is 25 basis points. Economists such as Ellen Zentner, Sam Coffin, and Diego Anzoategui stated in the report that the lack of progress since the beginning of this year means that Federal Reserve policymakers need more time to be sure that inflation is steadily falling towards the target of 2%. They expect that the core PCE at three and six months will be "close to or below" 2% by the end of the year, so in this case, it will be "too late" to cut interest rates after September.