JPMorgan’s Kolanovic Sees No Respite as S&P Nears 2023 Target
- Beware of ‘propagation of the interest rates shock,’ he warns
- Risk-reward ratio for equities unattractive relative to cash
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JPMorgan Chase & Co.’s Marko Kolanovic is sticking to his downbeat view on stocks even as the S&P 500 slides close to his year-end target, vindicating the strategist after he was caught offsides by the 2022 bear market and the rally earlier this year.
Kolanovic, the bank’s chief market strategist, said Wednesday in a note to clients that he expects heightened volatility for equity markets. He said a streak of calm in the Cboe Volatility Index — or VIX — during a rally this past summer was a “technical aberration” that didn’t reflect macroeconomic fundamentals.