Moody's analyst: Fed made mistake but won't cut rates until September

Mark Zandi, chief economist at Moody's Ratings, said Monday that the Federal Reserve “obviously” made a mistake in not cutting rates but will likely wait until the September meeting to respond.

“They clearly made a mistake,” Zandi told CNN’s Jim Acosta in an interview. “That's, now, I think, obvious to everyone — including them. And I think they're going to respond.”

“I don't think they're going to respond until the next meeting, when they all get together again and make a rate decision,” he continued.