JPMorgan Now Expects Fed Rate Hikes in September and December

This matters less as a rate call than as a signal that parts of the sell-side are abandoning the cut consensus, with a hawkish repricing risk for duration-sensitive assets. It affects anyone positioned for easing, from Treasuries to rate-sensitive crypto and tokenized yield products. The open question is whether other houses follow JPMorgan or treat it as an outlier, and whether core PCE data over coming months validates the shift.