Fed Chairman Powell is expected to provide forward guidance on a September rate cut at the Jackson Hole conference next week.

Guha, vice chairman of Evercore ISI, pointed out that Powell will set the tone for the easing direction of monetary policy, but the specific rate cut will have to wait until the release of non-farm payrolls on September 6.

The federal funds futures market shows that investors are increasingly concerned about a sharp economic slowdown, and futures pricing predicts a rate cut of about 1 to 2 basis points in September.

Two former Fed officials also expect a rate cut in September, but believe that the rate cut will not be too large, and the specific situation will depend on the economic data in August.

Guha emphasized that the Fed is currently paying more attention to labor market data. If the employment data in August is weak, the rate cut may increase accordingly.

Blinder, former vice chairman of the Federal Reserve, also pointed out that if the employment report is not good, the Fed may take more aggressive rate cuts in September and future meetings.