JPMorgan has revised its outlook as to when the Federal Reserve will cut interest rates. JPMorgan cited mounting uncertainty around President Donald Trump’s temporary Fed appointee, plus growing signs of weakness in the labor market.

JPMorgan Chase & Co.’s top U.S. economist now expects the Federal Reserve will cut interest rates three times in 2025, beginning with a 25-basis-point cut in September.

JPMorgan now sees multiple Fed rate cuts starting Sept 2025 as jobs data softens and policy uncertainty grows.