ChainCatcher news, according to Jinshi, JPMorgan Chase and Bank of America currently expect the Fed to cut interest rates by 25 basis points when it meets again in November. They had previously called for a larger rate cut, but labor market data showed that the US economy was resilient, so they abandoned their previous calls.

Michael Feroli, chief US economist at JPMorgan Chase, and Aditya Bhave, an economist at Bank of America, both pointed out that Friday's employment report was the reason for them to adjust their expectations for the Fed's easing policy path. Considering the Fed's 50 basis point rate cut in September, they believe that the solid job market is a reason for the Fed to take a more cautious approach.