JPMorgan’s Bob Michele Says Hide in Cash With Treasury Yields Going Higher
- JPMorgan fixed-income chief warns on Fed move to cut inflation
- Michele says cash is no longer trash; bonds face fresh losses
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Bob Michele is hunkering down in cash as the Federal Reserve embarks on a tightening path that’s killing returns on bonds.
J.P. Morgan Asset Management’s fixed-income chief says it’s a good idea to hide out in the most liquid assets from money market funds to Treasury bills as the U.S. central bank pares stimulus that underwrote asset prices through the pandemic.