According to Wu, it is now unclear when the Fed will cut interest rates. JPMorgan Chase and Goldman Sachs expect the first rate cut to be in July, while Wells Fargo is betting on September. Bank of America does not expect the first rate cut until December. Meanwhile, some Fed policymakers have even raised the possibility of raising rates instead of cutting them. According to the futures market, Wall Street's best bet for the first rate cut is in September, and it will not be a big one.