Jinse Finance reported, citing Walter Bloomberg, that after Federal Reserve Chairman Jerome Powell expressed increased concerns about labor market risks at the Jackson Hole meeting, Morgan Stanley now expects the Federal Reserve to begin cutting interest rates in September. The bank predicts that the Fed will cut rates by 25 basis points next month, cut again in December, and then cut by 25 basis points each quarter, ultimately lowering the final rate to 2.75-3.0% by the end of 2026. This is earlier than previously forecasted, but the magnitude is slightly smaller. However, a rate cut in September is not guaranteed—strong employment data or tariff-driven inflation could delay the rate cut.