A weak July non-farm payrolls report has heightened market concerns that the Fed is cutting interest rates too late, but policymakers are unlikely to cut rates by 50 basis points in September, as a very large cut could be seen as a warning sign. Goolsbee, president of the Chicago Fed, said "we don't want to overreact to any one month's data". In addition, many economists who closely follow the Fed immediately refuted the idea of a 50 basis point cut. Gregory Daco, chief economist at Ernest & Young, said that "given the hawkish tendencies of Fed officials, I expect a rate cut in September to be fine, but a 50 basis point cut will encounter resistance". Joseph Lavorgna, chief economist at SMBC Nikko Securities, said: "If the Fed cuts interest rates by 50 basis points, it will cause panic and the market's expectations for a significant rate cut are too advanced." During Mr. Powell's tenure as chairperson of the Federal Reserve, the FOMC made ultra-large interest rate adjustments only in emergencies.