MAJOR BANKS SCALE BACK FED RATE-CUT EXPECTATIONS Following strong December jobs data, JPMorgan now sees no Fed rate cuts in 2026, keeping rates at 3.5–3.75% and even flagging a possible 2027 hike. Barclays has pushed projected cuts to June and December 2026. Markets price in a ~95% chance of no change at the January FOMC meeting.(*Walter Bloomberg)