JPMorgan Chase: After this week's meeting, the uncertainty of future interest rate cuts by the Federal Reserve will still linger

David Kelly, Chief Global Strategist at JPMorgan Asset Management, said that the Federal Reserve's interest rate decision this week may not resolve a core issue facing the market: how many times it is expected to cut rates for the rest of this year. When Fed officials last released their forecasts, they predicted only a 25 basis point cut by 2024. But even if the Fed's new forecast adjusts to two cuts this year, it will still be far below traders' expectations.

Kelly pointed out that futures market prices essentially reflect that by the end of December, the Fed will cut rates by a full 100 basis points or more. The actual policy path will depend on employment and inflation data announced before the next meetings in November and December.