In its latest research report, JPMorgan stated that the release of US CPI data yesterday paved the way for the Federal Reserve to initiate the process of interest rate cuts at its meeting in September. However, there is still uncertainty about the exact magnitude of the cut – whether it will be 50 basis points or a more moderate 25 basis points. This decision hinges on the strength of the bounce-back in the August employment report. If the number of employed people increases between 16 and 20 thousand, this will help alleviate concerns about the July employment report; conversely, if employment growth falls below 10 thousand, it could increase demand for a larger-scale cut, making the risk profile more pronounced.