JPMorgan’s Kolanovic Defends Dip-Buying Call, Warns of Fed Error
- Says buying stocks after a 2% dip in S&P 500 has made money
- Views Fed raising rates by 75 basis points as an overreaction
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Marko Kolanovic, one of Wall Street’s staunchest bulls, is defending his 2022 calls for dip buying while warning that the Federal Reserve would risk disrupting financial markets by going too hawkish right before US midterm elections.
The JPMorgan Chase & Co. strategist just issued another upbeat note to clients, saying those who expect to go bargain-hunting once the S&P 500 drops below 3,500 may be in for another futile waiting. That would imply a plunge of about 18%.