Why Morgan Stanley shifted its call on Federal Reserve rate cuts after the FOMC meeting

morgan stanley pushed back its forecast for fed rate cuts after the latest fomc meeting. the bank says core inflation is too sticky for the fed to ease anytime soon. the call hinges on middle east instability. morgan stanley argues that until events there stabilize, inflation won't cool enough for the fed to act. they didn't specify a new timeline for cuts, just that the old one no longer holds.