JPMorgan AM Says ‘Foggy’ 2025 Set to Keep Fed on Hold Next Year

The Federal Reserve is likely to pause its interest-rate cuts after December to assess the economic impact of policies under President-elect Donald Trump, Karen Ward, chief market strategist for Europe, the Middle East and Africa at JPMorgan Asset Management, said.

Fed Chair Jerome Powell “has got a bit of a foggy 2025 to navigate,” Ward said in a media briefing in London. “Whether the policies play through to more growth or more inflation is yet to be seen, but we are working on the basis of: the Fed get one more done then are probably on hold through 2025.”