Not All Tariffs Costs Have Passed Through: JPM's Feroli

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JPM's chief US economist, Michael Feroli, believes a December rate cut is a 'very close call' due to potential tariff-related price pressures that may not have fully passed through to consumers, keeping core inflation in the upper-2% range.

Market Impact

Market impact analysis based on bearish sentiment with 65% confidence.

Sentiment
Bearish
AI Confidence
65%

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Michael Feroli, chief US economist at JPMorgan Securities, says a December rate cut will be a “very close call.” He tells Romaine Bostick and Katie Greifeld on “The Close” that tariff-related price pressures likely haven’t fully passed through and core inflation may stay in the upper-2% range longer than the Fed would prefer. (Source: Bloomberg)

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Original article published by Bloomberg on November 21, 2025.
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