JPMorgan expects unanimous unchanged rate decision next week

At the conclusion of next week’s Federal Reserve meeting, JPMorgan Chief U.S. Economist Michael Feroli expects a unanimous decision to leave rates unchanged with “only cosmetic change” to the post-meeting statement. The committee’s economic forecasts will incorporate the trade developments since the March forecast round, which will likely push the growth and inflation outlooks in a stagflationary direction, the economist predicts. JPMorgan thinks the Fed’s interest rate forecast will have a median dot looking for only one cut this year, followed by another two next year