JPMorgan's Marko Kolanovic: I'm 'outright negative' on stocks (via CNBCFastMoney)
He lists positive developments including China's reopening from Covid-19 lockdowns and a weakerfor market enthusiasm. Kolanovic believes they helped create a narrative the worse is behind us and a recession "somehow magically " happened last year.
"I just don't think that at 5% rates we can have this economy functioning," said Kolanovic, who noted private equity and venture capitalists can't exist in this kind of environment. "Something will have to give, and the Fed will need to flinch.""At some point, they'll [the Fed] backstop it. So, the big question is where. Is it [the S&P at] 3,600? 3,400? 3,200? We don't have a very strong conviction.
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