According to ChainCatcher, Citigroup maintains its forecast for the Fed's rate cut this year at 125 basis points. In addition, the bank expects more 25 basis point rate cuts in 2025, pushing the terminal interest rate to a range of 3%-3.25%.

Other Wall Street brokerages, such as Macquarie and Deutsche Bank, have retained their expectations for two more 25 basis point rate cuts from the Fed this year. The Morgan Stanley team, including economist Seth Carpenter and strategist Matthew Hornbach, said officials may choose to implement a series of conventional rate cuts (25 basis points) by mid-2025, with two cuts this year and four cuts in the first half of next year.