JPMorgan Asset Management’s Chief Global Strategist, David Kelly, believes the U.S. economy is experiencing a deepening slowdown marked by weak job data and other economic indicators. In a recent CNBC interview, he likened the current situation to a tired turtle that is nearing exhaustion. While not yet entering a formal recession, Kelly anticipates further deceleration in the near future. He expressed skepticism about the Federal Reserve’s planned interest rate cuts, suggesting they will be ineffective at stimulating broader economic growth. He points out that the stock market’s recent gains are fueled by expectations of imminent rate cuts, but argues this approach fails to address underlying economic challenges. Kelly emphasizes that cutting rates now would negatively impact retirees through reduced interest income and send further signals of upcoming rate reductions to markets, which could discourage borrowing for those seeking financial expansion. Historical data shows that such a strategy, as evident in the 21st-century financial crisis, has not spurred economic growth. Kelly concludes by advising against relying on the Federal Reserve to rescue the U.S. economy.