The probability of a rate cut in June was 57%, likened to a coin toss due to being four months away. If not in June, the Fed may delay until December to avoid being part of political narratives. Starting a rate cut cycle in July would be tricky due to the timing of political conventions, leading to backlash from both parties. The Fed may avoid starting the cycle in July, especially if no prior rate cuts occurred. September 18th could be a more feasible date for a rate cut decision.