(Reuters) -J.P.Morgan now expects the U.S. Federal Reserve to cut interest rates by 25 basis points at each of its next four meetings, bringing the policy rate to 3.5%, it said in a note on Thursday, as the labor market and broader economy show signs of slowing.

The brokerage also flagged a potential shift in Fed leadership, after President Donald Trump announced plans to nominate economist Stephen Miran to replace Fed Governor Adriana Kugler.

JPM analysts said Miran's appointment could pave the way for deeper institutional reforms at the central bank.

(Reporting by Rashika Singh in Bengaluru; Editing by Mrigank Dhaniwala)