JPMorgan now expects Fed to initiate rate cuts in July

JPMorgan economists pushed back on expectations for the Federal Reserve's first interest rate cut this cycle after strong U.S. employment data for March. They now expect the Fed to begin easing monetary policy in July rather than June. Michael Feroli, chief U.S. economist at J.P. Morgan, wrote in a note on Friday that slowing wage gains and solid job growth are evidence of improvements on the supply side of the labor market.