JPMorgan’s Kelly: Sell Crypto, Avoid Large Cap Tech

JPMorgan Asset Management’s David Kelly thinks investors should focus on value stocks as the Federal Reserve continues to raise rates, Bloomberg reported on Monday (August 29).

Fed Chairman Jerome Powell said the central bank wants to continue trying to control inflation by raising rates, but investors shouldn’t look too short-term, a leading global strategist said.

“The economy has one foot on a recession and the other on a banana peel,” Kelly said in Bloomberg.

Kelly said investors should diversify into U.S. and global value stocks with lower price-to-earnings ratios.

Kelly said investors should stay away from big tech stocks and bitcoin and sell crypto. There may be more volatility ahead, but the economy may even exit by the end of 2023, he said.

The direction in which Powell is moving contradicts expectations of a possible dovish pivot, the report said. Kelly said the real question right now is, “How much damage does the Fed want to do to this economy?” That’s what it says.

Much has been written about the crises that can come with the economy: PYMNTS reports that 13% of Americans have spent more than they earned since the beginning of the year.

Read more: ‘A tale of two halves’ as paycheck shoppers feel more financial pressure

PYMNTS and LendingClub teamed up on a report called “New Reality Check: Payroll Report: Consumer Savings Edition,” which shows a 9 percent increase in wages for those making more than $100,000 and living standards. Salary payment.

Lending Club’s financial health officer Anuj Nayar said in an interview with PYMNTS, “A jump of nine percentage points in one month is very significant.”

New PYMNTS Survey Finds 3 in 4 Consumers Strong Interest in Super App
In Care Of The new study by PYMNTS, “The Super Up Shift: How Consumers Want to Save, Shop and Spend in the Connected Economy,” in partnership with PayPal, analyzed the responses of 9,904 consumers in Australia, Germany, the UK and the US. And instead of using dozens of individual ones, there has been a strong demand for a single versatile super app.