Guide to the Markets - J.P. Morgan Asset Management

Guide to the Markets

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We are pleased to present J.P. Morgan Asset Management’s 3Q 2019 Guide to the Markets containing our analysis of economic and market data through June 30, 2018. Below you will find key slides that we believe are the most relevant to liquidity investors.

Following a volatile first half of the year, risk assets have generally posted positive returns. Low inflation and slowing growth in the U.S. and worldwide have fostered expectations that central banks will ease monetary policy, allowing bond yields to decline. Simultaneously, however, equity investors around the world have shrugged off concerns about slowing growth, boosting equity valuations in the U.S. and globally.

Entering the second half of the year, it seems unlikely that both the bond market’s pessimism and the stock market’s optimism can be sustained indefinitely. In the 3Q 2019 Guide to the Markets, we examine some of the issues that should tip the scales one way or the other. In particular, we consider:

  • Global economic growth and trade (pages 4, 49, 47, and 44)
  • U.S. growth (pages 18, 22, and 30)
  • Federal Reserve policy and the implications for liquidity investing (pages 28, 23, 25, and 31)
  • Risk of recession (pages 20 and 35)

As you consider these important topics, your Global Liquidity Client Advisor will be happy to share our market views and tailor liquidity solutions to best meet your needs.