JPMorgan Asset Management's chief global strategist, David Kelly, says the Fed's interest rate decision this week may not address a core question facing the market: how many times the Fed is expected to cut rates for the rest of the year. When Fed officials last published their forecasts, they expected only a 25 basis point rate cut in 2024. But even if the Fed's new projections are adjusted to reflect two rate cuts this year, it would still be far below what traders are anticipating. Kelly points out that futures markets are pricing in a full 100 basis points or more of rate cuts by the end of December. The actual policy path will depend on the employment and inflation data released before the next meetings in November and December. (Jin Shi)