In the wake of Friday's US non-farm payrolls report, JPMorgan Asset Management said its base case remained a soft landing for the US economy and did not expect an emergency rate cut by the Federal Reserve ahead of its regular meeting. Kim Crawford, fixed income portfolio manager at JPMorgan Asset Management, said there could be some "noise" in the report and subsequent data could show a very gradual slowdown in the labour market. "If there is no overall improvement in the labour market by the time of the September Fed meeting, a 50 basis point cut could be an option from a risk management perspective," she said.