[JPMorgan Strategist: U.S. Economic Growth is Gradually Slowing, Fed Rate Cuts Unlikely to Boost Growth] BlockBeats News, September 6 — David Kelly, Chief Global Strategist at JPMorgan Asset Management, stated in a recent interview with CNBC that August's weak jobs report and other economic data indicate that the U.S. economy's weakness is intensifying. 'While the economy is not currently in a recession, it is gradually slowing down. All the data consistently show that this already sluggish economy—like a turtle that has always moved slowly—is now nearly exhausted.' Kelly also believes that, given factors such as deteriorating employment data, the Federal Reserve's anticipated rate cuts will not stimulate the overall economy. 'I see the stock market rising today, which clearly reflects market expectations of imminent rate cuts, but this does not address the fundamental issues. The government needs to recognize that cutting rates at this time will reduce interest income for retirees while sending more signals of rate cuts to the market. If that's the case, borrowers have no reason to take on more debt. The history of the entire 21st century tells us that rate cuts do not stimulate economic growth. After the financial crisis, rate cuts had no effect whatsoever. Don't count on the Federal Reserve to save the economy.'