Wall Street traders have a unique challenge in placing bets on the stock market now that the Federal Reserve has started cutting interest rates: History is no longer a guide.

JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said he remains skeptical about a soft landing in the US following the Federal Reserve’s first rate cut in more than four years — and said he wouldn’t “count my eggs” on that outcome.

Federal Reserve Chair Jerome Powell led his colleagues to an outsize interest-rate cut designed to preserve the strength of the US economy as risks to the labor market mount, marking an end to their single-minded focus on quashing inflation.

Chinese President Xi Jinping called on government officials at all levels to achieve the country’s annual growth target of around 5%, but couched it in less forceful terms than usual.