JP Morgan chief US economist: Current data could prompt the Fed to raise rates by 100 basis points in July

07/13 16:46

Michael Feroli, chief US economist at JP Morgan, said, "I think they have time to change market expectations to 100 basis points if they want to. I don't think the Fed has given a good reason as to why they should slow down or take what they call a gradual approach". If it does raise rates by 100 basis points in July and 75 basis points in September, I think the growth outlook for later this year could deteriorate," he said. For now, I tend to think the main impact of the data could be to prompt the Fed to raise rates more forward". The freshly released fiery inflation data has led to a possible discussion among Fed officials later this month on the issue of a 100 basis point rate hike. Investors increased their bets on a 100 basis point rate hike at the July meeting, which if true would be the largest in recent Fed history.

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