Investors are still stuck on hoping for Fed rate cuts but the focus will turn to earnings gloom, Morgan Stanley's top strategist says

• The Federal Reserve's not going to start cutting interest rates soon, Morgan Stanley's top strategist said.
• When investors realize that, the focus will shift to the weakness in earnings, Mike Wilson told CNBC.
• "There's no 'heroin', so to speak – we're going to price to fundamentals, which are clearly deteriorating in our view," he said.

Investors are hooked on the "heroin" of potential Federal Reserve interest-rate cuts but could receive a rude awakening after the central bank's Wednesday statement, according to Morgan Stanley's chief US equity strategist.