**Output:** The earliest interest rate cut by the Federal Reserve could be in September, according to investment bank outlooks on the future rate path

Odaily Odaily reports that major investment banks have provided their outlooks on the future interest rate path of the Federal Reserve, with the earliest rate cut expected to begin in September:

1. Wells Fargo: Still expects the Fed to implement two 25-basis-point rate cuts this year, in September and December, respectively.

2. ANZ Bank: The Fed is very likely to restart its rate-cutting cycle in the third quarter of this year, most probably at the September meeting.

3. Goldman Sachs: Expects the Fed to cut rates by 25 basis points each in September and December, and believes the possibility of a rate hike this year is very low.

4. Bank of America: The downside risks to economic growth continue to lead us to forecast a 50-basis-point rate cut by the Fed later this year.

5. TD Securities: By the time of the September decision, the market will have accumulated sufficient evidence to support the Fed in gradually moving back towards an easing cycle.

6. Standard Chartered Bank: Once Warsh's nomination is confirmed, the Fed will likely shift its focus toward reviving the weak labor market and resuming rate cuts.

7. Commerzbank: Over the medium to long term, the Fed will be unable to resist pressure from the U.S. President, potentially cutting rates for the first time at the end of the year, followed by two more cuts in 2027.

8. Danske Bank: Expects the Fed to keep rates unchanged throughout the summer, eventually resuming rate cuts in September and December.

9. Barclays Bank: If inflation falls as expected, the Fed is expected to gain enough confidence around September to begin easing policy.

10. ING Bank: Maintains its forecast of two rate cuts by the Fed this year, in September and December.

11. Bank of New York Mellon: Under the premise of the reopening of the Strait of Hormuz, the Fed will implement two rate cuts in the fourth quarter. (Jin Shi)