JPMorgan and Bank of America now expect to cut interest rates by 25 basis points when the Fed meets again in November, having previously called for more cuts, but they backed away from previous calls after labor market data showed the economy was resilient. Michael Feroli, chief U.S. economist at JPMorgan Chase, and Aditya Bhave, economist at Bank of America, both pointed to Friday's jobs report as a reason to adjust their expectations for the Fed's easing path. Given that the Fed cut interest rates by 50 basis points in September, they see a solid job market as a reason for the Fed to take a more cautious approach. (Jin Ten)