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.

J.P.Morgan now expects the U.S. Federal Reserve to cut interest rates by 25 basis points at its September meeting, citing signs of weakness in the labor market and uncertainty around President Donald Trump's latest Fed nomination.