The top economist at J.P. Morgan believes the Federal Reserve is done cutting interest rates and will hold policy steady through 2026, with the next move likely a hike in 2027. “We now expect the Fed to hold rates throughout 2026 with the next move to hike later in 2027,” wrote Michael Feroli, the bank’s chief US economist, in a client note. The forecast comes after a series of Fed rate cuts in the fall and winter of 2025, which helped to push mortgage rates down to their lowest level in more