JPMorgan Chase strategists expect the Federal Reserve to approve another mega-sized interest rate hike when they meet next month, but to slow the pace of increases after that.
ProChain Capital President David Tawil argues the U.S. economy needs to see higher rates even if it's 'bitter' medicine.
"We expect another outsized Fed hike in September, but post that we would look for the Fed not to surprise the markets on the hawkish side again," they wrote. Minutes released last week from the Fed's July meeting show that officials are likely to remain on a hawkish course, despite hopes from markets in recent weeks that policymakers could slow the pace of rate hikes.
Stronger-than-expected data, including solid retail sales reported last week and a blowout July jobs report, could make the case for another mega-sized rate hike next month.
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