JPMorgan now sees Fed hiking 25 basis points in June and dropping “considerable time” next week

JPMorgan has changed its forecast for the first Fed rate hike.

They now see the Fed hiking to 0.25% to 0.50% from the current 0-0.25% rate in June. Their previous forecast was for the first hike to take place in Q3 2015.

They expect the Fed to remain in a range rather than an explicit target and see 0.75% to 1.00% by year-end in 2015.

For next week, they see the Fed likely dropping “considerable time” from their guidance.