JPMorgan chief U.S. economist Michael Feroli expects the Federal Reserve at next week’s meeting to lower the target range for the fed funds rate by 25 basis points to 3.50%-3.75%. The economist expects at least two dissents in favor of no action and one in favor of a larger cut. Fed Chair Jerome Powell at the press conference will stress that with policy rates close to neutral, the risk management rate cuts are done and further cuts will only come with a material deterioration in the labor market, the economist tells investors in a research note.
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