Jpmorgan's chief global strategist at asset management, David Kelly, said that the Federal Reserve's interest rate decision this week may not address a core issue facing the market, which is how many more rate cuts are expected for the rest of the year. When Fed officials last announced their forecasts, they expected only a 25 basis point cut in 2024. But even if the Fed's new forecast adjusts for two rate cuts this year, it will still be far below traders' expectations. Kelly pointed out that futures market prices essentially indicate that by the end of December, the Fed will cut rates by a full 100 basis points or more. The actual policy path will depend on the employment and inflation data released before the November and December meetings.