[JPMorgan Chase strategist: the Fed is expected to cut interest rates in September and the economy is approaching recession] April 26, JPMorgan Chase fixed income Chief Investment Officer Bob Michele said that the Federal Reserve will start cutting interest rates in September because economic data show that the United States is heading for recession. He expects inflation to be less than 3 per cent at an annualised rate of three years and six months when the fed starts to cut interest rates. Michele said the pace of rate hikes had a large impact on the system and that the regional banking crisis was part of the problem. However, he said the Fed's tightening cycle is not over and that there will be another "unnecessary" rate hike at the May meeting.