Most Wall Street brokerages kept their forecasts for rate cuts by the U.S. Federal Reserve unchanged after key economic readings, while investors shifted focus to next week's monetary policy meeting.

U.S. consumer prices rose less than expected in May, while job growth slowed amid uncertainty surrounding the Trump administration's trade policies.

Citigroup anticipates 75 basis points of cuts this year in three equal tranches in September, October and December, revising its earlier forecast of 100 bps.

The U.S. central bank is expected to hold interest rates steady at its meeting next week, maintaining the stance it adopted after its last rate cut in December 2024.

Traders are pricing in an average of 56 bps of rate cuts by year-end, according to data compiled by LSEG. They are penciling in a 61% chance of a 25-bps cut in September, according to the CME Group's FedWatch tool.

Here are the forecasts from major brokerages ahead of the Fed's meeting on June 17-18: