Optimism about stocks is still too high, JPMorgan strategist says

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Optimism about stocks is still too high as the US economy is showing 'the overheat before the retreat', JPMorgan strategist says

Investors are still a little too optimistic on stocks, given the recent strong economic data out of the US suggests a bout of overheating before a potential downturn"Right now it's reacting to very strong economic data, overshoot on jobs, CPI, PPI retail sales, industrial production, but I would say that this is probably the overheat before the retreat in the economy," Pandit toldWhile money markets seem to be correctly pricing in the outlook for the Federal Reserve's monetary...

"There's been this market narrative that you can see disinflation and avoid a recession. But ultimately, demand impacts both growth and inflation in the same way," she added. The US economy will either see a slowdown and disinflation, or more room for inflation to run if growth is resilient, which would force the Fed to continue hiking interest rates, Pandit said, adding that both scenarios are pessimistic for risk assets.

After a dismal 2022, US stocks have risen in the early months of this year amid optimism that an end is in sight to US interest-rate increases as inflation cools. The benchmark

 

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Stocks face 'meaningful' downside risk amid 'complacent' markets: JPMorganAs data continues to point to a resilient U.S. economy, JPMorgan strategists are warning that the equity risk/reward is “skewed to the downside.”
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