According to CoinMeta, JPMorgan Chase expects the Federal Reserve to raise interest rates again in December, but it will not enter a long-term tightening cycle. Michael Ferroli, the bank's chief U.S. economist, stated that the forecast is based on supply shocks driving inflation. On September 16, the Fed raised its target interest rate range to 3.75% to 4%, marking the first interest rate hike since 2023. Ferroli noted that the September hike also protected the Fed's credibility, as Chairman Kevin Warsh has repeatedly warned against tolerating inflation. JPMorgan Chase's prediction of a rate hike in December is consistent with the median of the Fed's dot plot. Ferroli said that inflation still seems to be driven by supply shocks, so he does not foresee a long-term interest rate hike cycle next year.