J.P. Morgan: Fed's 50bp rate cut in September is “the right thing to do”
Michael Feroli, chief U.S. economist at JPMorgan, said the U.S. consumer has been the engine that has driven economic growth in recent quarters, although slower income growth could hamper consumer spending. Policy is restrictive at the moment, with downside risks to employment increasing while upside inflation risks are diminishing. As a result, they continue to believe that the Fed did the right thing by cutting rates by 50 basis points at its September meeting.
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