Inflation cools as central banks shift focus to rate cuts ...Middle East

From a JP Morgan Private Bank note from Wednesday, a couple of snippets, in summary, on inflation and the Federal Reserve. One of the biggest surprises this year has been how much inflation has cooled alongside that economic resilience. While inflation isn’t back to the Fed’s 2% sweet spot, 40% of the Consumer Price Index’s components are now at or below that coveted level. The last mile of progress may still take some time, but the stickiest drivers of inflation—namely the still-hot clip of wage growth and rent prices—have ample room to continue cooling. This gives us the confidence that central banks are probably finished hiking and seem to be in their “higher for longer” era. Since the th

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