JP Morgan Strategist Predicts the Fed is Expected to Cut Interest Rates in September and the Economy is Approaching a Recession.

Bob Michele, chief investment officer for fixed income at JPMorgan Chase & Co., said the Fed will start cutting interest rates in September as economic data shows the US is headed for a recession. However, he said the Fed's tightening cycle is not over yet, with another "unnecessary" rate hike coming at the May meeting.