Kerry Craig, global market strategist at JPMorgan Asset Management, said in a note that the Federal Reserve has signaled that it will take a more cautious approach to the easing cycle. Craig said Powell has communicated well by balancing the "urgency of returning to neutral interest rates" with acknowledging "relatively stable economic conditions." The focus has also shifted more to a jobs-first approach rather than inflation, Craig added. The size of the rate cut may not matter as much as the ultimate goal, which is to move the policy rate closer to the Fed's neutral view by 2026 by anticipating an additional 150 basis points of rate cuts by the end of 2025. Stocks and bonds should benefit if nominal growth and easing cycles remain stable, Craig said. (Kim X)