Wells Fargo pushes back its expectation of first Fed rate cut to June

(Reuters) – Wells Fargo on Wednesday said that it expects the U.S. Federal Reserve to start cutting interest rates in June, compared to its earlier expectation of a cut in May.

The brokerage expects 100 basis points(bps) of cuts this year and a further easing of 100 bps through 2025, bringing the fed funds target range to 3.25%-3.50% by the end of 2025.

(Reporting by Priyadarshini Basu in Bengaluru; Editing by Tasim Zahid)