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JPMorgan’s Kelly Says Buy Value, Sell Crypto With Hawkish Fed

  • Investors should overweight value and relatively low PE stocks
  • ‘Fed is overestimating the strength of the economy’: Kelly
Bloomberg business news
Fed Chair Powell Makes the Mission Clear: Bring Down Inflation

JPMorgan Asset Management’s David Kelly has some words of advice for investors rattled by a hawkish Federal Reserve: forget about short-term direction and focus on valuations.

Fed Chair Jerome Powell sent equity markets into a tailspin Friday after he reiterated that the central bank is willing to raise rates and keep them higher for longer to tame inflation, even at the risk of an economic downturn. That quashed hopes of a dovish pivot anytime soon, a view that helped fuel bets this year’s bear market is over.