Why Marko Kolanovic And JPMorgan Are Still Cautious

If you're wondering why JPMorgan remains defensive in their asset allocation (and cautious in their general outlook), one explanation is the rather dramatic shift in recession odds. In short: Economists and markets swung from pricing elevated odds of a US downturn to pricing slim or even no chance of a recession in the short space of 12 months. For JPMorgan, that's indicative of complacency at best, and could be a contrarian indicator at worst. "Markets have been pricing out recession risks th