Bob Michele, JP Morgan Asset Management’s Chief Investment Officer for Fixed Income Investments, said that the bond rally that erupted after the US inflation report was a second rise.
Michele said she believes a long-term uptrend has begun because U.S. inflation has fallen more than economists had predicted. Underlining that as a result of the Fed’s high interest rate hikes, the US economy may go into recession and cause upward fluctuations in the bond market, Michele reiterated her expectation of a rally in the bond market.
Fed will have to cut interest rates
“More and more indicators are at levels you can only see in a recession,” said Michele, who said the inverted yield curve in the US is causing problems and the Federal Reserve will have to cut interest rates by the end of this year. Underlining that certain stresses are beginning to be seen in the system, Chief Investment officer said that sharp increases in unemployment may occur and a possible recession may feel like a soft landing.
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