JPMorgan’s Michele Sees Up to Two Fed Dissents as Rates Stay on Hold

JPMorgan Asset Management Chief Investment Officer Bob Michele said he expects one, and possibly two, Federal Reserve officials to dissent at the forthcoming policy meeting, signalling some division inside the central bank over the next interest-rate move. Michele told clients the Fed is likely to leave its benchmark rate unchanged at the September Federal Open Market Committee gathering and that Chair Jerome Powell will maintain a bias toward future easing, despite the recent partial reduction in market uncertainty. He added that investors have yet to see a full quarter’s impact from the 145% U.S. tariff on Chinese imports, cautioning that its effects could shape the policy debate in the months ahead.