JPMorgan’s Michele says Fed will pause rate hikes amid bank woes

Michele says a recession was “inevitable” and that the best investment strategy right now was to stick to high quality bonds. — Bloomberg

NEW YORK: Bob Michele, the chief investment officer of J P Morgan Asset Management, has warned of an economic hard landing as the banking turmoil rippled through the financial markets and the economy.

He now expects the Federal Reserve (Fed) to pause interest-rate hikes next week.