The Fed may not have as much room to cut interest rates as it thought and central banks would be well advised not to cut rates again in December, Bill Egan, an asset management bond specialist at JPMorgan, warned the market ahead of the Fed's next meeting. That's because there are some signs that the U.S. economy is starting to heat up again, he added, including strong GDP growth, a slightly better-than-expected inflation figure last month and record stock prices. Wage, services and housing inflation, which remained one of the biggest drivers of inflation in October, were up 4.9% year-on-year. The Fed has cut rates by 75 basis points so far this year and could also be closer to neutral than it thinks.