JPMorgan’s Michele Sees High-Grade Debt as ‘Anchor in the Storm’

Credit spreads are pricing a soft landing, not a recession
The Fed is signaling things are ‘going to get pretty bad’

“I’m certain we’re headed into a recession,” JPMorgan Asset Management Global Fixed Income CIO Bob Michele says during an interview with Jonathan Ferro on “Bloomberg The Open.”Source: Bloomberg

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By Caleb Mutua and Jack Pitcher

November 2, 2022 at 4:10 PM UTC

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Bob Michele, a bond market veteran with decades of experience, will shelter in short-dated investment grade bonds in the coming downturn.

“I’m certain we are headed into a recession and high quality fixed income will be that anchor in the storm; that flight to quality, the safe haven that everybody will be looking for,” Michele, JPMorgan Asset Management’s chief investment officer, said on Bloomberg TV on Wednesday.