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bear-market-barometers.pdf

🔗 Source: assets.jpmprivatebank.com

📊 Size: 1.52 MB

👤 Author: JP Morgan

⬇️ Downloads: 80

Summary

The slowdown induced by central bank tightening is just starting, and investors should be patient when adding risk to portfolios. Valuations have declined, but the price paid for high earnings growth is still elevated. A bottom for equities is likely to coincide with a peak in inflation, which may not happen yet due to evidence of a wage-price spiral, tight labor markets, and supply chain pressures. The Fed has a ways to go before it can stop tightening, and real Treasury yields moving into positive territory may lead to further declines in P/E multiples. The market is not pricing in a recession yet, but leading indicators point to a decline in manufacturing activity, and rising inventory levels have converged with falling sales, which could result in large earnings declines.

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Description

The slowdown induced by central bank tightening is just starting, and investors should be patient when adding risk to portfolios.

Technical Information

File Format: PDF
File Size: 1.52 MB
Pages: 9
Language: EN
Author: JP Morgan
Total Downloads: 80
Last Updated: 1 month ago

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