JPMorgan Chase & Co. and Bank of America Corp. currently expect that when the Federal Reserve holds its meeting in November, it will cut interest rates by 0.25 percentage points. Previously, they had called for a larger rate cut, but labor market data showed resilience in the U.S. economy, leading them to abandon their previous calls. Both JPMorgan Chase's Chief U.S. Economist Michael Feroli and Bank of America economist Aditya Bhave pointed out that Friday's job report was the reason for adjusting their expectations for the Fed's loose policy path. Considering that the Fed cut rates by 0.5 percentage points in September, they believe that a stable job market is a reason for the Fed to take a more cautious approach.