J.P.Morgan now expects the U.S. Federal Reserve to cut interest rates by 25 basis points at each of its next four meetings, bringing the policy rate to 3.5%, it said in a note on Thursday, as the labor market and broader economy show signs of slowing.

Jobs data scheduled for release in early September will have more sway over the Fed’s next decision than this inflation report.

Interest rates for credit cards to mortgages have jumped since the Fed began fighting inflation in 2022. Here's where experts think rates are headed.