The bank's forecasters predict 100 basis points of Fed easing this year beginning in July.
The economist said that the likelihood of the Fed hiking interest rates is low, but not zero.
The economist said there could be a growing gap between the pace of Fed and ECB easing.
The Fed is likely to look past signs of economic resilience and start easing its monetary policy, the economist said.
The Fed's fight against inflation will last through the entire year, economist Torsten Slok said.
He reiterated his call for the Federal Reserve to wait to cut its target rate until June or July.
The market is calling the shots rather than the central bank, the economist said.
The reversal may mark "a turning point," said BlackRock's Jeffrey Rosenberg.
The Treasury market enjoyed its biggest one-day rally since the regional bank crisis in March.
Interest-rate derivatives show traders are pricing in more than 100 basis points of monetary easing for 2024.
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