(Bloomberg) — From one corner of JPMorgan Chase & Co., the bank’s stock-averse chief market strategist, Marko Kolanovic, has issued a consistent drumbeat of warnings about stretched technology valuations and the risk that high interest rates will stall the global economy.
Over at the bank’s trading desk, they’ve reached a different conclusion: It’s a good time to buy US equities.
The latter team, which includes Head of US Market Intelligence Andrew Tyler, walked back their cautious January stock call in a note to clients. They said their prior stance was “overly conservative,” based on worries about earnings and a pullback from last year’s massive rally. The trading desk said it’s now “tactically bullish.”
“That mea culpa aside, what has changed? Megacap tech earnings whose stocks prices are in the process of de-coupling from bond yields,” Tyler and his colleagues wrote. “Also, the macro story continues to…
