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FED: JPMorgan Sees Slower Pace Of Cuts Post-Election

FED

JPMorgan's new rates call post-elections - 25bp cuts in Nov and Dec as before, but only 100bp of cuts in 2025 (quarterly) vs the 150bp they had previously expected over the year (per their latest submission to the BBG survey):

  • "the various policy uncertainties may lead the Fed to move more slowly than it otherwise would. After December we now see the Fed easing at a quarterly pace, with the next ease in March and continuing until the funds rate reaches 3.5%....Trump’s ability to reshape the Fed will likely only be realized slowly over time...the two most immediate issues now are how assertively Trump pushes forward with his campaign pledges on immigration and trade...fiscal policy is more of a calendar year 2026 issue."

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