Lazard CEO Peter Orszag says the first rate cut by the Federal Reserve will be a "light switch" moment that signals the central bank has won the battle against inflation, regardless of the number of rate cuts by the end of the year. He also says the firm is weighing several opportunities to acquire a private-credit firm that would help expand its $250 billion asset-management arm. He sat down exclusively with Bloomberg's Francine Lacqua in London.