JPMorgan and Bank of America no longer expect the Federal Reserve to cut interest rates by 50 basis points in November

2024-10-04 23:51:11
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ChainCatcher news, according to Jinshi reports, JPMorgan Chase and Bank of America currently expect that when the Federal Reserve meets again in November, it will cut interest rates by 25 basis points. Previously, they had called for a larger rate cut, but labor market data shows that the U.S. economy is resilient, leading them to abandon their earlier calls.

JPMorgan Chase's Chief U.S. Economist Michael Feroli and Bank of America's Economist Aditya Bhave both pointed out that Friday's employment report was the reason for their adjustment of expectations regarding the Federal Reserve's easing policy path. Considering the Federal Reserve's 50 basis point rate cut in September, they believe that the robust job market is a reason for the Federal Reserve to adopt a more cautious stance.

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