According to Golden Finance, JPMorgan Chase is the only major U.S. bank that continues to stick to its prediction of a 50 basis point rate cut by the Federal Reserve. While other banks have reverted to expectations of a 25 basis point cut, Michael Feroli, the bank's chief U.S. economist, reiterated in a client note last Friday that a 50 basis point cut is "the right thing to do." Misra also favors a 50 basis point cut initially, but says a 25 basis point cut appears slightly more likely due to policymakers' concerns about potentially persistent inflation. She adds that if the Fed does cut rates by 25 basis points, market reaction will largely depend on how officials "interpret" the smaller cut. The November presidential election has also put the Fed in an uncomfortable position. Republican candidate and former President Donald Trump has warned against rate cuts before the election, while Democratic Senator Elizabeth Warren has pressured officials to lower rates by 75 basis points.