BloombergThe Federal Reserve won’t be able to lift interest rates from zero until March 2016, according to economists at Morgan Stanley.The U.S. economy may be looking healthy at the moment but several trends will conspire to weaken growth as the year progresses, leaving the Federal Reserve unable to hike rates until March 2016, according to an updated forecast Tuesday from economists at Morgan Stanley. “Based on our outlook, a rate hike as early as the Fed’s mid-2015 guidance looks increasingly implausible. Furthermore, we are shifting our longstanding out-of-consensus expectation for the first rate hike further out — from January 2016 to March,” said Ellen Zentner, economist at Morgan Stanley, in a research note. Most economists think the Fed will first hike rates in June but that forecast is under some doubt. Lower energy costs will boost growth in the near term but GDP growth should slow sequentially as the positive impact is absorbed up front and slower production and investment kicks in, Zentner said. Downward pressure on inflation will also be stronger than anticipated, she added. Zentner sees the core personal consumption expenditure index falling to 1.1% year-over-year by October 2015 before moving higher. Once the Fed starts to raise rates, it will do so at every meeting, she said. “By March 2016, our forecast has both headline and core inflation rising, with wage growth gaining further momentum as the unemployment rate approaches a 4-handle, giving the Fed ample ammunition to justify removing policy accommodation at a steady pace,” Zentner said. The new forecast comes after the departure of Morgan Stanley’s chief U.S. economist, Vincent Reinhart. Greg Robb