CNN: It's unclear when the Fed will cut rates. JPMorgan Chase and Goldman Sachs expect the first rate cut to come in July, while Wells Fargo is betting on September. Bank of America doesn't expect the first rate cut until December. Meanwhile, some Fed policymakers have even raised the possibility of a rate hike rather than a cut. According to the futures market, Wall Street's best bet for the first rate cut is September, and it won't be big.