Bitcoin Rally and Market Froth Could Delay Fed Rate Cuts, Unsettle Stock Market: JPMorgan

Bitcoin's record-breaking rally above $60,000 could cause the Fed to delay planned interest rate cuts
JPMorgan strategist Marko Kolanovic said risk asset "froth" could keep rates higher for longer to avoid inflating asset prices further
The market expects at least 3 Fed rate cuts starting in June 2024, but delay could unsettle stock market's bullish outlook
Kolanovic remains bearish on stocks overall, arguing they are expensive, concentrated in megacaps, and priced for perfection
Kolanovic's S&P 500 target is 4,200, representing 18% downside from current levels