#BTC The US Bank Securities brokerage team stated in a report that the Fed's rate cut in September is a sure thing, but there is no need for aggressive rate cuts that would lead to an economic recession. The rise in the unemployment rate in July was almost entirely due to temporary layoffs, indicating only temporary weakness. The employment rate in the August report may rebound, and the unemployment rate may decline. They said, 'Without layoffs, the US will not experience an economic recession, and the layoff rate remains extremely low.' Bank of America believes that the rate cut cycle will start in September, with a 25 basis point cut every quarter, until the terminal interest rate of 3.25%-3.5% is reached in mid-2026. 'Aggressive rate cuts of 50 basis points or more are done in emergency situations, and the same goes for taking action during the inter-meeting period, but we are not there yet.'