A top JPMorgan Chase & Co. markets strategist is urging clients to shun both bonds and stocks in favor of cash after spotting shades of 2008 in the contemporary U.S. economy.
But the monetary policy “lag” that has so far helped the U.S. economy avoid a recession is wearing off. Now, Kolanovic is focusing on rising borrowing costs, which have increased by an even greater magnitude since the Federal Reserve started raising interest rates last year than they did just before the financial crisis.
While it isn’t exactly analogous, the economic backdrop in the U.S. “rhymes” with the years preceding the financial crisis, Kolanovic said, as rising rates threaten to punish overextended consumers and businesses.
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