JPMorgan CEO Jamie Dimon has recently highlighted his belief that inflation is still problematic but his economics team disagrees.

They’ve now joined Citigroup in calling for back-to-back 50 basis points cuts in September and November to kick off the rate-cutting cycle.

“So we now think the FOMC cuts by 50bp at both the September and November meetings, followed by 25bp cuts at every meeting thereafter. From a risk management perspective we think there’s a strong case to act before September 18th,” economist Michael Feroli writes.

The market is clearly in agreement with an 80% probability of 50 bps now priced in to Fed funds futures for September. At the November meeting, a 87.5 bps are priced in. For year end, it’s 116 bps.

This has been an incredible shift since the Fed dots forecast just one cut this year in June.