JPMorgan chief economist says 50 point rate cut ‘right thing to do’

JPMorgan Chief U.S. Economist Michael Feroli says the August employment report “reinforced the sense of waning vigor in labor market activity.” The economist believes slower income growth could prove a headwind to consumer spending growth. The firm still thinks cutting integers rates 50 basis points at the September Federal Reserve meeting “is the right thing to do.” However, JPMorgan does not have confidence that the Fed “agrees just yet.”