Wall Street has ramped up forecasts on how much the Federal Reserve will cut interest rates after the disappointing July jobs report raised fears of a recession, and a JPMorgan economist said there’s even an argument to be made for an unscheduled cut.

Policymakers won’t meet again until Sept. 17 and 18, giving investors a whole month and a half to worry about the economy and markets, after the U.S. central bank kept rates steady at its meeting on Wednesday last week.

Fed Chairman Jerome Powell will likely drop more hints about rate cuts at the Jackson Hole conference later this month. And the Fed has made rate moves between meetings in the past, though that has typically come during crises like the COVID-19 pandemic in 2020 and the financial crash in 2008.

Even if the weakness in the job market levels off later, the Fed would still appear to be “offsides” by 100 basis points or more, he added. An emergency rate cut between Fed meetings could even stir up panic rather calm fears, as it might signal a drastic worsening in sentiment among central bankers, who have long maintained they are in no rush to loosen monetary policy.