Weak jobs report shows 'there’s a strong case' for Fed rate cuts before next meeting, economist says

Jerome Powell stands at podium (Credit: Andrew Harnik—Getty Images)

Wall Street has ramped up forecasts on how much the Federal Reserve will cut interest rates after the disappointing July jobs report raised fears of a recession, and a JPMorgan economist said there's even an argument to be made for an unscheduled cut.

Policymakers won't meet again until Sept. 17 and 18, giving investors a whole month and a half to worry about the economy and markets, after the central bank kept rates steady at its last meeting on Wednesday.