<p>JPMORGAN STICKS TO RATE-CUT OUTLOOK DESPITE MIRAN’S PUSH<p></p>JPMorgan’s Chief U.S. Economist Michael Feroli dismissed Fed Governor Stephen Miran’s call to cut rates to 2.5% or lower. The bank maintains its forecast for gradual 25 bp cuts until rates reach 3.25–3.5% early next year. A potential Supreme Court case involving Governor Lisa Cook is seen as a “wild card,” with a ruling against her possibly threatening other governors’ positions. JPMorgan warns that a politicized Fed could be more susceptible to Trump administration pressure on policy.</p>