JPMorgan sees one more Fed hike in December, then a pause through 2027

• —JPMorgan expects a December Fed hike, then a pause through 2027
• —The FOMC raised rates to 3.75%–4% in September in a 12-0 vote
• —Core PCE has topped 3% every month this year, latest print at 3.4%
• —Crypto fund inflows hit $3.55 billion last week, a 2026 high