Experts at JPMorgan Chase believe that the Federal Reserve is unlikely to change the stock market narrative.

Morgan Stanley derivatives sales specialist Ilan Benhamou stated that, in terms of stock narratives, shifting from large-cap tech stocks to value stocks is more important than the policy of the Federal Reserve. "Even during a period of Fed rate hikes, this market continues to thrive," Benhamou wrote in a report. "Therefore, whether the Fed pauses after a 25 basis point rate cut or continues easing, it may add some volatility but will not have a significant impact on the situation." Federal Reserve Chairman Jerome Powell, in his speech at the Jackson Hole Symposium last week, opened the door for a rate cut in September and acknowledged encouraging progress in terms of inflation, but the timing of a rate cut remains uncertain, and he reiterated that policy will still depend on data. Traders still believe there is a high likelihood of a rate cut in September.