Fed is ‘making a mistake’ by cutting rates


A top strategist at J.P. Morgan Asset Management said on CNBC Wednesday that the Federal Reserve is “fundamentally making a mistake” with its anticipated rate cut at the end of the month.

David Kelly, the chief global strategist at J.P. Morgan Asset Management, said on CNBC’s “Power Lunch” that he doesn’t think rate cuts will boost the U.S. economy and that the expected cut is in part due to political pressure from the Trump administration on Fed Chair Jerome Powell.

“Chairman Powell admits that really it is fiscal policy that has any possibility at all of stimulating the economy,” Kelly said. “Not, by the way, that you need to stimulate the economy when you’ve got a 3.7% unemployment…


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