JPMorgan Chase is the only one of the largest US banks to insist that the Fed will cut interest rates by 50 basis points. However, while other banks have returned to expectations of a 25 basis point cut, Michael Feroli, the bank's chief US economist, reiterated in a note to clients on Friday that a 50 basis point cut was the "right thing to do". Misra also wants the Fed to cut interest rates by 50 basis points at the outset, but said a 25 basis point cut seemed slightly more likely due to policymakers' concerns that inflation could persist. She added that if the Fed did cut rates by 25 basis points, the market reaction would depend heavily on how officials "interpreted" smaller cuts. November's presidential election also put Fed policymaking in an uncomfortable position. Republican candidate and former president Donald Trump warned that the Fed should not cut rates before the election, while Democratic senator Elizabeth Warren pressured officials to cut rates by 75 basis points.