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Fed Chair Jerome Powell
Federal Reserve Bank Chair Jerome Powell speaks during the Stanford Business, Government and Society Forum at Stanford University on April 03, 2024 in Stanford, California.

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  • Bank of America pushed back its forecast for the first rate cut of 2024 from June to December. 
  • The bank adjusted its call following the hotter-than-expected March inflation report. 
  • The re-acceleration of inflation means markets should expect just a single 25 basis-point cut this year. 

The recent string of unexpectedly high inflation readings has led Bank of America to push back its forecast for the first rate-cut of 2024 from June to December.

BofA's US economics team wrote in a note on Thursday that they don't feel policymakers will be confident enough by June to begin loosening monetary policy, though they maintained their expectations for four cuts in 2025 and two in 2026.

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economy, Markets, bank-of-america, us-interest-rates, interest-rate-cut, fed-rate-cuts, federal-reserve, jerome-powell, central-bank, Inflation, fed-inflation, Recession, us-economy-and-markets
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The inflation fight has stalled and the first rate cut won't happen until Decem…