Markets are gearing up for rate cuts. Morgan Stanley thinks investors will be disappointed.

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• Markets have been clamoring for rate cuts, and are eyeing the next two Fed meetings as possible windows.
• But Morgan Stanley analysts predict that the Fed won't be cutting rates in July or September.
• The market's view of rate cuts has brightened after recent dovish commentary.

Economists at Morgan Stanley think investors are about to be disappointed in the outcomes of the next two Federal Reserve meetings.

The bank said in a note on Friday that...