JPMorgan top economist says the Fed should cut rates by a half point this month

Key Points

JPMorgan’s top economist Michael Feroli believes the Federal Reserve should cut interest rates by a half point this month.
Traders are pricing in a 39% chance that the Fed’s target range for the federal funds rate will be lowered by a half percentage point, per the CME FedWatch Tool.
Feroli’s remarks come as August saw the weakest private payrolls growth in more than three-and-a-half years.

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