JPMorgan economists have pushed back their forecast for the Federal Reserve's first rate cut from July to November because of stronger-than-expected US jobs data in May. JPMorgan was one of the few institutions still predicting a rate cut in July. Michael Feroli, the bank's chief US economist, now expects the Fed to cut rates for the first time in November, followed by consecutive quarterly cuts next year. Following the May non-farm payroll data, Feroli said: "The likelihood of a rate cut in July now looks remote. Household survey indicators are expected to be weaker in the three jobs reports between now and September, but given the recent momentum in job growth, we think it may take all five reports between now and November to show weakness to pass the rate cut test. "