BofA: Powell unlikely to offer specific guidance after FOMC meeting

Bank of America said Federal Reserve Chair Jerome Powell is unlikely to provide specific forward guidance after the upcoming FOMC meeting, citing a widening gap between labor and consumption data. The bank predicted the post-meeting statement will likely note a solid rebound in economic activity and that quantitative tightening will end immediately. BofA projects the first interest rate cut will occur in October 2025, followed by additional cuts in June, September, and December 2026.