Morgan Stanley has joined a growing bloc of global brokerages forecasting a September interest rate cut by the U.S. Federal Reserve, citing Chair Jerome Powell's shift in tone toward labor market risks at the Jackson Hole symposium.

Markets are pricing in an interest rate cut from the Fed in September, but will Jerome Powell deliver? TD Securities' Chris Whelan discusses.

The Fed’s focus on jobs over inflation has nudged Morgan Stanley to surrender its hawkish view and call for a September rate cut alongside its peers