[Bank of America: The Fed is expected to cut interest rates by 25 basis points at its September meeting] Golden Finance reported that Bank of America believes that the weaker-than-expected July non-farm payrolls report helped lock in the Fed's September rate cut after other data such as the ISM manufacturing report were weak. Therefore, we have adjusted our outlook for monetary policy and are inclined to further cut interest rates. We now expect the Fed to cut interest rates by 25 basis points at its September meeting. Despite this, we still expect the Fed to gradually ease monetary policy. While making this adjustment in expectations, we have also lowered our expectations for the final interest rate of the upcoming normalization cycle, lowering our expectations by 25 basis points to 3.25-3.5%. If the economy cools faster than we or the Fed expect, then this means that the need for a long-term high-interest rate policy stance is reduced.