Why the Fed's first rate cut could be delayed until March 2025 if inflation stays stubbornly high

• If the Federal Reserve can't cut interest rates this June, it might delay easing until March 2025, Bank of America said.
• Stubbornly high PCE inflation readings might make it difficult to lower them in June as many expect.
• BofA still expects three rate cuts this year, but says the next PCE readings will determine this.

Monetary easing by June is looking more and more like an out-of-reach dream, tempered by the latest batch of strong economic data.