It's time to become defensive with stocks and ditch them for bonds because a recession is coming, says JPMorgan's top strategist
Investors should steer clear of US stocks and pile into bonds as a recession is guaranteed if the Federal Reserve wants to bring inflation back down to its target, according to JPMorgan's top strategist.
US stocks have enjoyed a strong start to the year, with the benchmark indexes S&P 500 and the Nasdaq Composite up 8% and 15%, respectively, largely due to rapidly cooling inflation. US inflation has moderated since mid-2022, coming in at 6.5% in December, thanks to the Fed's aggressive interest-rate hikes. The central bank recently raised the benchmark rate by 25 basis points, taking the cumulative increase since last March to 450 basis points.
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