Morgan Stanley (via a late week note, from Friday) now expects the Federal Reserve to cut interest rates at all three remaining meetings this year — September, October and December — each by 25 basis points.

Previously, the bank had forecast just two cuts in September and December. The Wall Street firm said market conditions give the Fed space to ease policy more quickly, projecting four consecutive 25-bps cuts starting in September and running through January. It also expects two more cuts in April and July 2026, though no further moves in 2026 are formally in its forecast.