JPMorgan Strategist Forecasts 2024 Inflation Drop Sparking Recession Fears, Recommends Bonds Over Pricey Stocks
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JPMorgan strategist Marko Kolanovic warns that falling inflation in 2024 may panic investors as it likely signals a weakening economy and recession
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Kolanovic believes the Fed's rate hikes have already damaged the economy, with declining consumer strength and increasing credit stress
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He thinks stocks can't rally sustainably with current monetary restriction, and easing won't come unless markets fall or inflation declines
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The strategist recommends cash or bonds over stocks, which he says are trading at too high valuation multiples
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U.S. stock futures inch slightly higher ahead of Friday's jobs report, which could influence Fed policy and market direction