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JP Morgan analyst says Fed is willing to sacrifice the economy to kill inflation, ‘like the ECB’

Bob Michele, CIO and global head of fixed income and commodities at JPMorgan Asset Management, spoke with Bloomberg TV.

According to him, the Federal Reserve is signaling that it is ready to harm the economy by prioritizing inflation over growth:

  • They tell us they prioritize inflation over growth. And this means that, like the ECB, you are ready to make the economy a victim.

He says he still expects the Fed to cut rates by the end of the year:

  • If you have a Fed that is patient, that is not willing to cut and you have economic data that comes in hotter than expected, well, it is the Fed that promised us transitional measures and that, a few months later changed its mind and started raising rates. We think we’ll see the same thing this time. They will tell us that they will keep rates high for longer until inflation reaches their target. But the magnitude of the slowdown we’re seeing across the board tells us we’ll likely still be in a recession toward the end of the year. And so they will cut their rates between now and then.


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