Circle Your Calendars for July 29.
JPMorgan Executive Says Fed Chair Kevin Warsh Could Raise Rates in As Little as Six Weeks
Quick Read – Bob Michael sees IEF trading in a tight range but warns TLT faces the sharpest pressure if Warsh hikes at the July 29 FOMC meeting. – Bob Michael says Fed officials projecting a rate hike this year jumped from zero to nine in just six weeks. – Mark July 29 on the calendar. That is the next scheduled FOMC decision, and according to JPMorgan Asset Management CIO Bob Michael, every Fed meeting is now live for a potential rate hike, including the one roughly six weeks away. Michael told CNBC’s Closing Bell Overtime that new Fed Chair Kevin Warsh’s first meeting delivered “quite a jolt” to markets, with the number of Fed officials projecting a rate hike this year jumping from zero to nine in just six weeks.
That is the setup investors are pricing right now. The federal funds rate upper bound currently sits at 3.75%, unchanged since December 10, 2025, after 75 basis points of cuts from the September 2025 peak of 4.5%. A hike at the next meeting would mark an abrupt reversal.