Morgan Stanley analysts said that they now expect the U.S. Federal Reserve to cut rates in September and then again in October.

“Trade’s ‘simmer’ has begun to boil, business sentiment and capex (capital expenditures) have softened further, global growth remains weak and inflation expectations have fallen,” while the gap between 3-month and 10-year U.S. government bonds points to overly restrictive monetary policy, the investment bank’s analysts said in a note.

The analysts previously predicted a cut in October alone, saying the central bank would “wait for further evidence that downside risks are weighing on the economy.”

The bank joins a number of investors betting that the Fed’s first rate cut since 2008, late last month, will be the first of several moves to lower borrowing costs.