Paul Eitelman, chief investment strategist for North America at Russell Investments, said the next rate cut by the Federal Reserve is unlikely to come before May or June because of the robust U.S. economy. "We believe the U.S. economy is on solid footing at a time of extreme policy uncertainty for households, businesses, investors and the Federal Reserve." Fed Chairperson Jerome Powell made clear he would wait for more clarity before cutting rates again, "setting the stage for the next rate cut in May or June." Macro fundamentals suggest resilient growth and subdued inflation, Eitelman said, supporting the base case for two or three rate cuts later this year.