Morgan Stanley became the latest brokerage to forecast a cut in interest rates in September, joining global peers after Federal Reserve Chair Jerome Powell hinted at policy-easing next month.

Jerome H. Powell said the “balance of risks” across the economy had started to shift, raising the odds the central bank lowers borrowing costs at its next meeting in September.

Brian Mulberry, senior portfolio manager at Zacks Investment Management, noted that Powell’s stance seemed more aligned with that of Fed Governor Christopher Waller, who dissented from the Federal Open Market Committee's “wait-and-see” approach to holding rates steady last month.