JPMorgan’s Michele Says Fed Signal Is ‘Don’t Worry About It’

JPMorgan Investment Management’s Bob Michele said the Federal Reserve sent a “don’t worry about it” signal to markets spooked by surging oil prices and heightened geopolitical risk because of the war in Iran.

The economy is feeling “a little bit of a near-term inflation shock” that could actually potentially help accelerate growth, Michele said in a Bloomberg Television interview Wednesday after the central bank left rates on hold. He said he was “gobsmacked” by the Fed’s decision.