Chris Zaccarelli of the Alliance of Independent Advisers said in a note that Federal Reserve Chairperson Jerome Powell's "balanced and frank" speech at the Jackson Hole meeting paved the way for a 25 basis point cut in September and "opened the door to further cuts if necessary". He argued that it was too early to say a soft landing and advised investors to "take a balanced approach to investing, neither preparing for a recession that might be coming, nor pursuing risk and becoming complacent because the Fed will cut rates in less than a month".