February 14, 2018 / 4:24 PM / in a year

J.P. Morgan lowers U.S. first quarter GDP estimate to 2.5 percent

FILE PHOTO: A J.P. Morgan logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith/File Photo

NEW YORK (Reuters) - J.P. Morgan said on Wednesday it dialed back its outlook on U.S. economic growth in the first quarter to 2.5 percent from 3.0 percent as “ugly” data on domestic retail sales in January offset a “scorching” consumer price report.

“Today’s inflation reading should probably cement in place the Fed’s intent to hike rates at the March FOMC meeting,” J.P. Morgan economist Michael Feroli wrote in a research note.

“We now also think the odds are moving up that they also revise their guidance at that meeting from looking for three hikes this year to four, aligning with our view,” he added.

Reporting by Richard LeongEditing by Chizu Nomiyama

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