[JPMorgan: Fundamentals Remain Strong, But U.S. Stocks Need to Reduce Risk First] According to a report by Jinse Finance, JPMorgan's market intelligence team has downgraded its tactical view on U.S. stocks to 'cautious/neutral,' expecting indices to remain more likely range-bound over the next 2–3 weeks, with volatility at the sub-index and individual stock levels potentially further amplified. At the same time, the team still believes that the fundamentals of the U.S. economy and corporate earnings remain strong, making this adjustment more about short-term risk management. The pressure stems from several variables changing simultaneously: following Jackson Hole, the implied probability of a September rate hike in the bond market rose from about 35% to 58%; the JPMPURE momentum index has fallen more than 21% from its June peak, while the 'Classic' momentum index has dropped nearly 34%, significantly exceeding the typical pullback range of 10%–15%. Positioning also does not provide a clear direction, with U.S. TPM still at the 37th percentile, and historical patterns pointing to a range-bound market over the next 3–4 weeks. Therefore, the next phase requires simultaneous monitoring of inflation and rate hike expectations, credit spreads, and the pace of momentum unwinding. While a significant adjustment at the index level may not occur, stocks with high crowding and those previously driven by momentum may continue to experience greater internal volatility. (Jin10)