[David Kelly: Inflation Will Gradually Decline, No Need for Fed Rate Hikes] According to Jinshi reports, David Kelly, Chief Global Strategist at JPMorgan Asset Management, stated that the Federal Reserve should maintain interest rates unchanged and expects inflation to gradually decline. David Kelly pointed out that three forces—year-over-year tariff cost reductions, falling oil prices, and wage growth lagging behind inflation—are driving inflation to cool down. Additionally, a wage-price spiral will not form, and there is no need for the Federal Reserve to raise interest rates.