Federal Reserve officials are considering a potential rate cut later this year as inflation eases, with differing views on the timing between September and December. Bank of America's economist predicts a rate cut in December and emphasizes the stabilization of the U.S. economy despite potential volatility. In contrast, the Bank of England's economists suggest no rate cut in August, aiming for September, impacting mortgage holders. Wall Street's anticipation of Fed rate cuts is reflected in Bank of America's forecast for rate reductions in September, November, and December.