JPMorgan's Latest View: The Fed Didn't Raise Rates, the Bond Market Did It for Them—The Logic for AI Infrastructure Stocks Has Changed

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### JPMorgan's Latest View: The Fed Didn't Raise Rates, the Bond Market Did It for Them—The Logic for AI Infrastructure Stocks Has Changed Time: 2026-07-31 17:35:30 Content: Just finished reading JPMorgan's macro strategy note from July 30. The core point is this: The key takeaway from this FOMC meeting is not that rates were held unchanged, but that bond investors effectively raised rates through selling, doing the tightening work for the central bank. Here are several key judgments: 1. The Fed held steady, but the market got a rate hike. The 30-year Treasury yield hit 5.2%, the highest since 2007; real yields broke above 3%. The reason is simple: Warsh gave almost no explanation and no forward guidance at the press conference. The market interpreted this as the Fed's control over the inflation path weakening, not strengthening. The result: The committee didn't act, but the bond market went ahead and tightened. JPMorgan has moved its next rate hike expectation from the second half of 2027 directly to December this year.…