The median length of time from the Fed’s last rate hike to the first cut, dating back to the 1957 rate rising cycle, is four months. The shortest gap was one month in 4/80 and 1/81, and the longest was 20 months in 11/70. As for the three worst recessions since the depression, namely 1974/75, 1981/82 and 2008/09, the cuts came after two months, one month, and 15 months respectively.