Investment Outlook | J.P. Morgan Asset Management

THE U.S. AND GLOBAL ECONOMY

U.S. ECONOMY

Widespread vaccination should allow growth to surge later in 2021, precipitating a relatively fast rebound from a deep recession.

WASHINGTON POLICY

Federal debt will likely continue to grow sharply, threatening greater fiscal stress by the middle of the decade.

INTERNATIONAL ECONOMY

A more predictable trade policy from the incoming Biden administration and stronger international economic growth should push the U.S. dollar lower.

U.S. EQUITIES

Earnings should rebound but overall U.S. equity returns may be constrained by high valuations.

FIXED INCOME

Maintaining low short-term rates until the economy reaches “maximum employment” could lead to a steepening of the yield curve in 2021.

INTERNATIONAL MARKETS

International equities should benefit from a falling dollar and lower valuations relative to the U.S.

ALTERNATIVES

With returns constrained in traditional asset classes, alternative assets can provide income, diversification and downside protection.

ASSET ALLOCATION

With exact timing of vaccines still in flux investors must be positioned for a fundamental shift in sentiment at nearly any moment.

INVESTING PRINCIPLES

Generating strong returns in the decade ahead will require a renewed commitment to basic investment principles.

Dr. David Kelly

Chief Global Strategist

13 years with J.P. Morgan

30 years in the Industry

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Samantha Azzarello

Global Market Strategist

5 years with J.P. Morgan

9 years in the Industry

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David Lebovitz

Global Market Strategist

10 years with J.P. Morgan

12 years in the Industry

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Jordan Jackson

Global Market Strategist

5 years with J.P. Morgan

5 years in the Industry

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Gabriela Santos

Global Market Strategist

8 years with J.P. Morgan

11 years in the Industry

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Jack Manley

Global Market Strategist

8 years with J.P. Morgan

8 years in the Industry

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Meera Pandit

Global Market Strategist

9 years with J.P. Morgan

9 years in the Industry

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Dr. David Kelly

Chief Global Strategist

Samantha Azzarello

Global Market Strategist

David Lebovitz

Global Market Strategist

Jordan Jackson

Global Market Strategist

Gabriela Santos

Global Market Strategist

Jack Manley

Global Market Strategist

Meera Pandit

Global Market Strategist

Funds

Solutions

Liquidity Insights

Market Insights

Portfolio Insights

THE U.S. AND GLOBAL ECONOMY

U.S. ECONOMY

WASHINGTON POLICY

INTERNATIONAL ECONOMY

ASSET CLASSES

U.S. EQUITIES

FIXED INCOME

INTERNATIONAL MARKETS

ALTERNATIVES

INVESTING THEMES

ASSET ALLOCATION

INVESTING PRINCIPLES

Dr. David Kelly

Samantha Azzarello

David Lebovitz

Jordan Jackson

Gabriela Santos

Jack Manley

Meera Pandit

Dr. David Kelly

Samantha Azzarello

David Lebovitz

Jordan Jackson

Gabriela Santos

Jack Manley

Meera Pandit

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