<p>MORGAN STANLEY SEES FED CUTS STARTING IN SEPTEMBER<p></p>Morgan Stanley now expects the Fed to begin cutting rates in September after Chair Jerome Powell signaled greater concern over labor market risks at Jackson Hole. The bank forecasts a 25bp cut next month, another in December, and then quarterly 25bp cuts to a 2.75–3.0% terminal rate by end-2026. That’s earlier but slightly shallower than its previous outlook. Still, a September move isn’t guaranteed—strong payrolls or tariff-driven inflation could delay cuts.</p>

Morgan Stanley

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

Walter Bloomberg