JPMorgan Chase strategist predicts that the Federal Reserve will only cut interest rates once next year.

According to J.P. Morgan Private Bank, as the US employment market stabilizes or improves, the Fed may cut rates by less than the market expects. Global investment strategist Weiheng Chen wrote in a report that the FOMC is expected to cut rates by 25 basis points in 2026, significantly less than the market's current expectation of around 50 basis points. Whether the rate cut will ultimately materialize may depend on the situation in the labor market. The institution believes that the US labor market will stabilize or even improve.