Economists at JPMorgan said Wednesday's consumer inflation report and Federal Reserve meeting raised the risk that the first rate cut would come in September, though their baseline forecast remains for a November cut. "Overall, while the midpoint of this year's dot plot is a bit of a surprise, our view of the Fed this afternoon is not much different," Michael Feroli, chief U.S. economist at JPMorgan, wrote in a note. "We continue to see the first rate cut in November, and after this morning, the risk may be more tilted towards September than December."