Bank of New York Mellon adjusts Fed rate cut expectations from March to May

Bank of New York Mellon has revised its expectations for the Federal Reserve's first rate cut from March to May, following strong US employment data and Federal Reserve Chair Jerome Powell's appearance on the "60 Minutes" program. However, Bank of New York Mellon still believes that a rate cut in March is appropriate, as they anticipate a continued deceleration in core personal consumption expenditures, meeting the Federal Reserve's requirement for inflation to "sustainably" fall to 2%.