A weak July jobs report could prompt the Federal Reserve to make its first interest rate cut of the year, as more officials raise concerns about a weakening economy.

JPMorgan Chase & Co.’s top U.S. economist now expects the Federal Reserve will cut interest rates three times in 2025, beginning with a 25-basis-point cut in September.

J.P.Morgan now expects the U.S. Federal Reserve to cut interest rates by 25 basis points at its September meeting, citing signs of weakness in the labor market and uncertainty around President Donald Trump's latest Fed nomination.