Morgan Stanley reiterate their call that the FOMC will wait until June 2024 to cut

This from about two weeks ago:

• Morgan Stanley predict the Federal Reserve may not cut interest rates until June

A new year note from MS reiterates the call:

• Investors expecting a rate cut in March may be disappointed.
• Six-month core consumer price inflation is likely to increase in the first quarter, prompting the Fed to watch and wait.
• Unless there is an unexpectedly sharp economic downturn or weakening in the labor market, rate cuts are more likely to begin in June.