When will the Federal Reserve's "first cut" come? Apollo Economist: It may not be possible to expect it this year. After the Federal Reserve's rapid rate hikes and sustained decline in inflation, investors had originally expected the first rate cut at the beginning of this year. However, the reality is that the timing of interest rate cuts is constantly being pushed back, initially expected to start in March, and then (within the year) cut rates six times, which is clearly impossible. But when will the Federal Reserve start the cycle of interest rate cuts?