JPMorgan's head strategist, Oksana Aronov, has dismissed expectations of interest rate cuts in the back half of this year, stating that the bank is unlikely to see aggressive measures due to sluggish economic growth and risks within the Fed. She also noted that traders have effectively priced out Fed rate cuts for 2026. This is a significant shift from the start of the year when the Fed's target range remained unchanged at 3.50% to 3.75%. Aronov believes that the Fed’s rate cuts were premature, leading to hidden risks in private credit. She warned that the continued low financial conditions could lead to further imbalances in the economy. She added that longer-dated Treasury yields are being pushed by forces the Fed cannot easily control.