Andrew Tyler, a trader leader at JPMorgan, stated on September 2026 that his team has shifted to a tactically neutral or cautious view on US equities ahead of the Federal Reserve's policy decision on September 16. ^[1] Wells Fargo & Co. became the second major bank this week to adopt a cautious stance on US stocks as the market enters September. ^[2] In a note sent to clients on Monday, Andrew Tyler stated that while fundamental market dynamics remain strong, short-term variables are likely to cause the market to trade sideways and in a choppy manner for a period. ^[3] Tyler explained that the team is pausing bullish expectations due to pressure from uncertainty regarding the Federal Reserve's interest rate outlook. ^[4] Tyler noted that if the Federal Reserve raises interest rates, investors will likely lack clarity on the magnitude or duration of the potential rate hike cycle. ^[5] Analysts expect concerns regarding capital spending on AI infrastructure to reach their peak soon, although their optimism indicator remains more positive than negative following mid-August sales. ^[6] JPMorgan Chase & Co.'s trading desk, led by Andrew Tyler, global head of market intelligence, shifted to a tactically cautious view on equities for the coming weeks. ^[7] Wells Fargo analysts are concerned about the risk of excessive investment in AI and the possibility of moratoriums on new data centers as midterm elections approach. ^[8]