JPMorgan Chase: Expectations of the Federal Reserve's first interest rate cut in September are at risk

Economists at JPMorgan said Wednesday's consumer inflation report and Federal Reserve meeting raised the risk that the first rate cut would come in September, though their baseline forecast remains for a November cut. "Overall, while the midpoint of this year's dot plot is a bit of a surprise, our view of the Fed this afternoon is not much different," Michael Feroli, chief U.S. economist at JPMorgan, wrote in a note. "We continue to see the first rate cut in November, and after this morning, the risk may be more tilted towards September than December."