J.P. Morgan Chase & Co. JPM, +0.00% lowered its full-year outlook on net interest income, as the banking giant now assumes the Federal Reserve will cut interest rates up to three times this year. Chief Financial Officer Jennifer Piepszak said on the post-earnings conference call that net interest income is now expected to be $57.5 billion, according to a transcript provided by FactSet, compared with the FactSet consensus of $57.9 billion. In the first-quarter conference call, then-CFO Marianne Lake said NII was expected to be “$58-plus-billion,” when the it was assumed that there would be zero interest rate cuts. The stock was last down 0.4% in premarket trading, but has been up as much as 1.3% and down as much as 2.1% after earnings were reported. It has climbed 16.7% year to date through Monday, while the Dow Jones Industrial Average DJIA, +0.00% has climbed 17.3%.