This just matches up with the Fed thinking and market pricing currently. On the latter, traders are pricing in the first rate cut for July currently with a total of ~73 bps worth of rate cuts for the year. The odds of a June move though are at ~62% currently.
Update: Goldman Sachs has also moved to lower their forecast to 75 bps worth of rate cuts this year. The firm had previously penciled in 100 bps worth of rate cuts for the Fed coming into this week.
