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.

Stephen Miran has also questioned the Fed’s institutional legitimacy, highlighting how policy debates have evolved into broader disagreements.

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.