The current market reminds Bob Michele, chief investment officer for JPMorgan Chase’s massive asset management arm, of a deceptive lull during the 2008 financial crisis. In previous rate-hiking cycles going back to 1980, recessions start an average of 13 months after the Fed’s final rate increase, he said. Pain is likely to be greatest in three areas of the economy: Regional banks, commercial real estate and junk-rated corporate borrowers, he said. Scarcity on earth: When He
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