Sentiment and positioning indicators are near highs, JPMorgan warns
The US and Japan continue to lead other markets in terms of performance so far this year, while growth stocks are outpacing value stocks, and large-cap companies are outperforming their small-cap counterparts across all major regions, JPMorgan strategists pointed out in a Tuesday note.
Meanwhile, JPMorgan Fixed Income strategists predict a decline in bond yields in the second half of the year, despite a rise in inflation swaps and negative term premia indicating market complacency towards inflation risk. “That is unlikely to be the template this time around, and could act as a headwind. The next time bond yields fall we do not believe the market will have as positive a reaction as it did in Nov-Dec - we might revert to a more traditional correlation between yields and equities,” strategists said.
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