We don't have 'immaculate disinflation,' and markets are pricing in a Fed rate cut too early, JPMorgan asset manager says

• The economy isn't seeing "immaculate disinflation," and Fed rate cuts will come later than markets expect, JPMorgan asset manager said.
• Wage growth remains strong, challenging hopes for inflation falling to 2% soon.
• A Morgan Stanley economist echoed concerns of sticky inflation, saying the Fed won't cut rates until June.

Markets have rallied on the prospect of a cooling economy that will bring on rate cuts, but they may be getting ahead of themselves, analysts said.

JPMorgan Asset Management's Priya Misra said inflation will likely to take longer to cool off than markets are currently expecting.