There is no reason why the FED should cut rates.
They have dual mandate: job and inflation.
On the job side we are on the right track and the US are at a nearly full employement.
In the inflation side, data is getting hotter and hotter, and the tariff situation is going to add some pressure to the scenario.
I don’t understand why JP could raise rates.
The only reason why the FED could cut rates is the political pressure from the White House. The problem for Powell is that he has to take the board of Governors on his side, but they are concerned by re-election, sadly.