JPMorgan Chase: There are risks in the expectation of the Federal Reserve's first rate cut in September

Economists at JPMorgan Chase stated that Wednesday's consumer inflation report and the Federal Reserve meeting have increased the risk of a first rate cut in September, although their baseline forecast is still for a rate cut in November. "Overall, while there was a slight surprise in this year's dot plot, our view on the Fed this afternoon has not changed much," wrote Michael Feroli, Chief U.S. Economist at JPMorgan Chase, in his report. "We continue to believe that the first rate cut will be in November; after this morning, the risk may lean more towards September rather than December."