Deutsche Bank's chief US economist: The first rate cut by the Fed this year is expected to occur in December.

Bob Michele, global head of fixed income at J.P. Morgan, stated on Bloomberg TV after the Federal Reserve announced its rate decision that the Fed "avoided" the question of weighing its two mandates. Michele pointed out that the Fed emphasized rising risks of inflation and unemployment. Chief U.S. economist at Deutsche Bank, Matthew Luzzetti, significantly lowered the possibility of a rate cut in June and predicted the Fed's first rate cut of the year to be in December. Former Fed vice chairman Rich Clarida stated that the market has priced in a 40%-50% probability of an economic recession, while chief economist at PwC, Diane Swonk, believes that the likelihood of a recession is 60%.