JPMorgan Anticipates Tax Refund Increase Will Impact Economy and Markets.
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Aug 26 2025
0mins
Source: MarketWatch
Upcoming Fed Meeting: The Federal Reserve is expected to hold a meeting in September that will likely result in an interest-rate cut based on market expectations.
Tax Refunds Impact: JPMorgan Asset Management's chief global strategist, David Kelly, suggests that a significant influx of U.S. tax refunds anticipated in early 2026 could influence the Fed's decision-making process.
Market Reactions: The potential interest-rate cut and tax refund scenario are creating discussions among investors regarding future economic conditions.
Strategic Considerations: The timing of tax refunds may serve as a key factor for the Fed in determining whether to delay or proceed with rate adjustments.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
