Another top Wall Street strategist is tempering his bearish outlook for both the U.S. stock market and economy following last week's blockbuster inflation...
Another top Wall Street analyst is tempering his bearish outlook for both the U.S. stock market and economy following last week’s June inflation report.
Last Wednesday’s smaller-than-expected rise in the consumer-price index for June has modestly improved the chances that the U.S. could achieve the soft landing for the economy that stock-market bulls have been hoping for, said Marko Kolanovic, chief global markets strategist at JPMorgan Chase & Co., in a note to clients dated Monday.
After Treasury yields fell sharply in response to the data, Kolanovic warned that bond valuations are looking “rich,” and advised clients to maintain bearish bets against long-dated U.S. bonds like 10-year Treasury notes and 30-year Treasury bonds. They then turned bearish heading into 2023, arguing that a looming recession would likely drive equity valuations even lower.
Kolanovic was nicknamed “Gandalf” by Bloomberg News in 2015 after anticipating a sudden selloff that rocked U.S. stocks late that summer.
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