JPMORGAN: FED LIKELY TO CUT 25BP, NOT 50BP JPMorgan’s Fabio Bassi expects the Fed to trim rates by 25bp in September, citing weak payrolls but still-high inflation. He said a 50bp move is unlikely. Recession risk stands near 40%, though markets see only modest easing for growth risks. Bassi noted political pressure after Governor Cook’s dismissal but said Fed independence remains intact. If weakness is temporary, he sees a shallow easing path, limited risk-asset pullback, and a stronger dollar.(*Walter Bloomberg)