Warsh Turns Hawkish, Goldman Sachs Still Doubts September Rate Hike, JPMorgan Says "August Nonfarm Payrolls and CPI Still Key"

JPMorgan maintains its baseline forecast of a December rate hike, with economist Michael Feroli stating that the "more important news" determining the outcome of the September meeting will be the upcoming August nonfarm payrolls and CPI reports. Goldman Sachs expects August core CPI and core PCE to both rise around 0.2% month-over-month, and under this trajectory, the FOMC would hold rates steady.