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JPMorgan Chase Postpones Fed Rate Cut Forecast To November

Mary Liu

Summary: JPMorgan Chase economists postponed the Fed rate cut forecast from July to November due to stronger-than-expected US employment data in May. Previously, JPMorgan Chase was one of the few institutions that still predicted the Fed to cut interest rates in July. Michael Feroli, the bank's chief U.S. economist, currently expects the Fed to cut rates ...

JPMorgan Chase economists postponed the Fed rate cut forecast from July to November due to stronger-than-expected US employment data in May. Previously, JPMorgan Chase was one of the few institutions that still predicted the Fed to cut interest rates in July.

Michael Feroli, the bank's chief U.S. economist, currently expects the Fed to cut rates for the first time in November and to continue cutting rates quarterly next year.

After the release of the May non-farm data, Feroli said the possibility of a rate cut in July now looks slim. Household survey indicators are expected to be weaker in the three employment reports from now to September, but given the recent momentum of job growth, it may take five reports from now to November to show weakness to pass the rate cut test.

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