BofA, Citi Shift Fed Rate Cut Forecast to October

The Fed held rates unchanged, and Citigroup has pushed back its first expected rate cut to October, one month later than its prior forecast. BofA's Mark Cabana noted the US labor market is running above breakeven employment, signaling continued economic resilience. The delayed cut timeline supports USD strength, pressuring EUR/USD and GBP/USD lower. Traders should watch short-term Treasury yields and Fed-sensitive pairs, as any further hawkish repricing could extend dollar gains beyond current levels.