(Reuters) – JPMorgan (NYSE) reduced its expectations for U.S. Real Gross Domestic Product for the second quarter of 2022, and 2023.

The second half view of the economic and policy research unit at the firm was reduced to 2.4% from 3.3%. Additionally, its target for 2023’s first half fell to 1.5% (from 2.1%). It also cut its 2020 targets by 1.5% (2023) and 1.5% (2023). For 2023/2023, its outlook was lowered to 1% (1.4%).

The report indicated that there might be enough growth slowdown to cause a gradual increase of the unemployment rate in later next years, which will ease some wage pressures.

According to economist Michael Feroli’s research, “In brief, we predicted a soft landing but are very aware that such an outcome has seldom (if ever) happened.”