According to the Golden Ten report, Bank of America analysts said that although the U.S. consumer price index weakened slightly in April, it was not enough to significantly change the Federal Reserve's cautious stance on inflation. They still predict the Fed will cut interest rates for the first time in December 2024. Continued high core inflation, especially in the services sector, supported this cautious outlook, leading to the retention of the timetable for the first rate cut in December.