JPMorgan Chase Strategist: Fed rate cuts are unlikely to reverse slowdown

Huobi HTX reported that David Kelly, chief market strategist at JPMorgan Asset Management, saw signs of a gradual slowdown in the U.S. economy, which he expects will put pressure on cyclical industries such as manufacturing or retail. He said lowering the benchmark interest rate is unlikely to reverse that. "I think if stock market investors think that interest rate cuts have any benefits to the overall direction and profitability of the economy, it's just a misunderstanding of the situation. When the Fed cuts interest rates, it cuts interest income, it will lead people to believe there will be more rate cuts, so they should wait for some time before borrowing, it will lead people to believe that the Fed is afraid of a recession -- so they start to be afraid of a recession."