Daiwa Securities: Oil price impact may cause the Federal Reserve to postpone the next rate cut.

Morgan Stanley has stated that the Federal Reserve may start cutting interest rates as early as June, but the oil price shock caused by the Iran war could delay the Fed's actions. Despite the potential for rising energy prices to worsen inflation, the bank's economists are still sticking to their previous prediction that the Fed will cut interest rates twice this year, in June and September, each time by 25 basis points. However, they believe there is a possibility that the Fed may delay the first rate cut until September or even December, which could push the next rate cut back to 2027.