FOMC Thoughts; CVC Deep Dive; UK thoughts

Research evidence excerpt

FOMC Thoughts; CVC Deep Dive; UK thoughts

Gigi Sparling - Specialist Sales - European Financials AC (44-20) 7134-0355 Europe Specialist Sales J P M O R G A Nghislaine.sparling@jpmorgan.com

J.P. Morgan Securities plc 18 June 2026

Gigi Sparling

+44 207 134 0355

ghislaine.sparling@jpmorgan.com

Today: Bank of England (midday); Initial jobless claims (1.30pm)

3 Key Highlights Today:

1. FOMC: Thoughts from Michael Feroli

2. CVC. A deep dive yesterday on secondaries

3. UK: Large Labour bounce needed for an early election.

Use the links below to jump straight to each section:

The Detailed Highlights

Post results, Newswires & Away from Us

Global Financials wrap, Trading Recap and Colour

Global Financials Research Links

Global Macro Research Links

Save the Date: J.P. Morgan Events

J.P. Morgan Financials Contacts

We don’t need no stinking guidance. Thoughts from Michael Feroli where for now, the Fed is not providing forward guidance,

but that didn’t matter as the FOMC’s dot plot delivered a clear message last night, and it was much more hawkish than expected.

Chair Warsh did not submit a dot, and with an even number of participants the median for this year fell between no change and

one hike. Next year’s dots were also generally above expectations, with the median unchanged from the current rate setting. The

decision to leave rates unchanged was reached by a unanimous 12-0 vote. The post-meeting statement was trimmed down

significantly, eliminating a lot of boilerplate language that seemed unnecessary to begin with. The forward guidance was dropped

entirely, with the only thing close being a reference that: “The Committee will deliver price stability.” Given the terse statement

that focused on getting inflation back down, one might wonder why the Committee didn’t hike today.