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Following today’s durable goods orders data for April, which showed a monthly contraction of 2.1%, J.P. Morgan announced that they reduced their second-quarter GDP growth forecast to 12% from 2.25% reported in the previous estimate. Regarding the policy outlook, J.P. Morgan noted that  risks of the Fed’s next policy action was “as about evenly distributed” between a rate hike and a rate cut, as reported by Reuters.