Wall Street traders are adjusting their expectations for the timing of the first rate cut by the Federal Reserve, with some now predicting it to happen in December instead of September. Traders of U.S. rate-futures contracts are pricing in a firmer chance of the Fed delivering the first rate cut in September, following a government report showing U.S. inflation rose. Speculation continues as to when the rate cuts may begin, with some suggesting it could be in September while others believe it may not happen until 2025.