Strategist for $1.7 Trillion in Funds Says Rout Has Room to Run
- Buy Treasuries as Fed unlikely to rush rate hike, Chow says
- JPMorgan's Chow sees bright spots in tourism, China e-commerce
Financial traders monitor data inside the Frankfurt Stock Exchange in Frankfurt.
Photographer: Martin Leissl/BloombergDon’t be fooled into thinking the rebound in stocks means we’ve reached the bottom, says Marcella Chow, who watches the world’s markets for JPMorgan Asset Management Inc.
The global strategist for the $1.7 trillion money manager says she’s on edge, her clients are panicky and she’s telling them to increase their exposure to bonds while being selective on equities. She’s personally stashing as much as 70 percent of her own portfolio in bonds including U.S. Treasuries. Calm won’t return until China’s economy improves and central banks regain credibility with investors, she said. She says investors are worried oil may fall to as low as $22 a barrel, so for now she’s battening down and trying to avoid volatility.