Barclays has brought forward its projection for the Federal Reserve’s next interest-rate cut, telling clients it now expects the first reduction in September 2025 rather than December. The bank did not specify the size of the anticipated move but said recent economic data support an earlier pivot by policymakers. BNP Paribas also shifted its stance, scrapping a longstanding call for another rate increase and instead forecasting a September rate cut. The French lender had been one of the more hawkish forecasters prior to the revision. The back-to-back changes by two major global banks highlight a growing view on Wall Street that cooling inflation and moderating growth could prompt the Fed to loosen policy sooner than previously thought.