Citigroup sees Fed's first rate cut in June

(Reuters) - Citigroup on Wednesday forecast the U.S. Federal Reserve to deliver a 25 basis-point rate cut in June compared to a prior estimate of July.

This would take the policy rate to 4.25% compared to a prior forecast of 4.5%.

The brokerage now expects a 125 bps of total rate cuts in 2024 compared to its earlier forecast of 100 bps.

(Reporting by Reshma Rockie George in Bengaluru)