J.P. Morgan's chief U.S. economist, Michael Feroli, has criticised the Federal Reserve's 2026 rate-cut forecast, stating that interest-rate cuts may be off the table until 2026 due to inflation and the Iran War. Feroli also predicted that the central bank's next move will be a rate hike in 2027. This comes after the Federal Open Market Committee voted 11-1 to continue to pause the benchmark Federal Funds Rate at 3.50% to 3.75%. A delayed rate cut could result in higher borrowing costs during an affordability crisis.