JP Morgan expects CPI to hit Fed 2% target by late 2024 – but don't expect more FOMC hikes

<p>Dow Jones / Market Watch conveyed comments from the chief global strategist at JP Morgan Asset Management.</p><p>says inflation will drop under the Federal Reserve's 2% target by late 2024</p><p>On the <a href="https://www.forexlive.com/news/us-august-cpi-06-mm-versus-06-mm-expected-20230913/" target="_blank" rel="follow">CPI data released Wednesday</a>, and whats to come further ahead:</p><ul><li>"I don't think that today's upside surprise is sufficient to trigger a rate hike next week and I continue to expect the Fed to stay on hold,"</li><li>"But with inflation sticky and growth resilient, the committee is likely to maintain a clear tightening bias–the dot plot may even continue to reflect expectations of an additional hike later this year."</li><li>isn't expecting the Fed to raise rates again in this cycle</li><li>oil prices well off their lows … so further progress on cooling headline inflation is unlikely in 2023 … will "keep the Fed on high alert."</li></ul><p>Jerome Powell dot plot image</p>

This article was written by Eamonn Sheridan at www.forexlive.com.