JPMORGAN SEES FED RATE CUT DESPITE CPI RISKS JPMorgan expects a 25 bp Fed rate cut in September, even with CPI uncertainty. August CPI is projected at 2.9% YoY, with core CPI steady at 3.1% YoY. A hotter print could delay cuts to October or December. The bank warns of market reactions: core CPI >0.40% could drop the S&P 500 1.5%-2%, 0.35%-0.40% may trigger 0.5%-1% losses, and <0.25% could lift gains 1.25%-1.75%. JPMorgan remains tactically bullish but flags risks from inflation, jobs, and trade.(*Walter Bloomberg)