JP Morgan’s Kelly: Sell Crypto, Avoid Big Cap Tech

JPMorgan Asset Management’s David Kelly believes investors should focus on value stocks as the Fed continues to raise rates, Bloomberg reported Monday.

The chief global strategist said investors shouldn’t take a short-term view.

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

Kelly said investors should overvalue U.S. and international values, along with stocks with low price/earnings ratios.

Kelly said investors should avoid big-cap tech stocks and bitcoin and sell cryptocurrencies. The future is likely to be more volatile, but the economy could level out by the end of 2023, he said.

According to the report, Powell’s direction ran counter to expectations that a dovish turn of events could occur. Kelly said the real question now is “how much damage does the Fed want to do to this economy?”

Much has been written about the potential crisis with the economy, with PYMNTS reporting that 13% of Americans are spending more than they earn since the beginning of the year.

read more: The ‘two halves tale’ when paycheck to paycheck consumers feel an additional financial burden

PYMNTS and LendingClub collaborated on a report called “New Reality Check: The Paycheck-To-Paycheck Report: The Consumer Savings Edition”. The report said he saw a 9% increase in the percentage of people earning $100,000 or more and making a living. salary.

Anuj Nayar, Financial Health Officer at LendingClub, said in an interview with PYMNTS that a 9% increase in a month is pretty big.

New PYMNTS Survey Finds 3 in 4 Consumers Have Strong Demand for Super Apps
about: A new PYMNTS study, “The Super App Shift: How Consumers Want To Save, Shop And Spend In The Connected Economy,” in collaboration with PayPal, collected responses from 9,904 consumers across Australia, Germany, the UK and the US. Analyzed. It also showed a strong demand for a single multifunctional super app instead of having dozens of separate apps.