【Morgan Stanley Expects the Federal Reserve to Start Cutting Rates in September】According to Golden Finance, citing Walter Bloomberg, after Federal Reserve Chairman Jerome Powell hinted at increased concerns about risks in the labor market at the Jackson Hole meeting, Morgan Stanley currently expects the Federal Reserve to start cutting rates in September. The firm predicts that the Federal Reserve will cut rates by 25 basis points next month, followed by another cut in December, and then further cuts of 25 basis points each quarter, bringing the final rate down to 2.75-3.0% by the end of 2026. This is earlier than previous predictions, but the magnitude is slightly smaller. However, a rate cut in September is not guaranteed—strong employment data or tariff-driven inflation could delay the rate cuts.