Morgan Stanley analysts said in a research note that the probability of the Federal Reserve cutting interest rates at the next two meetings remains low. The market's likelihood of a rate cut in July rose from 8% to 20%, and the probability of a rate cut in September rose from 60% to 90%. But analysts said most Fed officials support Powell's cautious stance and are unlikely to support a rate cut anytime soon. Analysts expect the upcoming jobs report to be relatively solid, and while growth has slowed, there are no signs of a rift that would allow the Fed to move faster.