J.P. Morgan Asset Management says central banks may keep a mildly hawkish tone
while converging toward less tightening. It now expects the Fed to keep rates
unchanged through 2026 and to cut once in H2 2027; the Bank of England and the
ECB to hold policy for the remainder of this year; and the Bank of Japan to
continue gradual normalization, with one rate hike in H2 2026 and one in 2027.