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BlockBeats News, on September 6, David Kelly, Chief Global Strategist at JPMorgan Asset Management, stated in a recent interview with CNBC that the weak employment report in August and other economic data indicate that the weakness in the US economy is intensifying. "Although the current economy has not fallen into recession, it is gradually slowing down. All the data consistently show that this already faltering economy—like a turtle that always moves slowly—is now nearly exhausted." Kelly also believes that, given factors such as deteriorating employment data, the Federal Reserve's expected rate cuts will not boost the overall economy. "I see the stock market rising today, which clearly reflects the market's expectation of imminent rate cuts, but this does not solve the fundamental problem. The government needs to recognize that if rates are cut now, it will reduce interest income for retirees and send more signals of rate cuts to the market. In that case, borrowers have no reason to borrow more money. The history of the entire 21st century tells us that rate cuts do not stimulate economic growth. After the financial crisis, rate cuts had no effect at all. Don't expect the Federal Reserve to save the economy."