Markets are in the “twilight of the mid cycle” and investors should be prepared to act if the economy edges toward a recession, according to JPMorgan Chase & Co.
The firm still recommends a cyclical portfolio -- for example, overweight equities versus bonds and credit -- but it’s urging clients to reconsider that distribution if the likelihood of a recession over the next 12 months rises to at least 30 percent, cross-asset strategist John Normand and senior U.S. economist Jesse Edgerton wrote in a report Thursday.
