Even September may be too late for a rate cut to swing the U.S. economy out of a recession, warns former Fed president

Federal Reserve Chairman Jerome Powell (Credit: Nathan Howard—Getty Images)

While Wall Street is largely convinced September will mark the month when Fed chairman Jerome Powell at last drops the base rate, some experts are warning it may already be too late to save the economy from a recession.

The likes of Goldman Sachs and UBS are pricing in a first cut before the November presidential elections—which may anger White House hopeful Donald Trump—but not as early as the Fed's next meeting in July.