I don't think he's saying that because he think that's going to happen. Markets don't price in more than one 25bps and markets already price in rate cute before end of the year.

-> He doesn't say that because he thinks that's going to happen, he's saying that because he wants to signal that the bank capital allocation is on the conservative/safe side. Investors know that too, interest rates won't hike another percent this time but it's good to know that JPM is as stable as being-able-to-swallow-another-percent stable.