[JPMorgan Strategist: Fed Rate Cuts Unlikely to Reverse Economic Slowdown] According to a report by Golden Finance, David Kelly, Chief Market Strategist at JPMorgan Asset Management, has observed signs of a gradual slowdown in the U.S. economy, which he expects will put pressure on cyclical industries such as manufacturing and retail. He stated that lowering the benchmark interest rate is unlikely to reverse this situation. 'I think if stock market investors believe that rate cuts will have any benefit for the overall direction of the economy and profitability, they are simply misunderstanding the situation. When the Federal Reserve cuts rates, it reduces interest income, it convinces people that more rate cuts are coming, so they should wait longer before borrowing, and it makes people believe that the Fed is afraid of a recession—so they start fearing a recession themselves.'