Chase Private Client | Our Thinking | Summer 2018 Outlook: The Wall of Worry

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Our Thinking

The Wall of Worry

Andrew Goldberg, Global Head of Client Investment Strategy, J.P. Morgan Private Bank

Anthony Chan, PhD, Chief Economist for Chase

Billy Huzar, Vice President Client Investment Strategy, J.P. Morgan Private Bank

Here Are Three Developments We’re Watching:
U.S. – China trade tensions

Trump tariffs relative to total U.S. imports

Trump tariffs relative to total U.S. imports
Higher interest rates

“… investors should keep in mind that volatility is normal.”

U.S. interest rates relative to economic growth

U.S. interest rates relative to economic growth
Fear of an aging cycle

“… we believe 2018 is a year to stay invested.”

Length of U.S. economic expansions

Length of U.S. economic expansions
Climbing the “Wall of Worry”
What This Means for You

The views and opinions expressed in this material are those of the featured J.P. Morgan Chase & Co. (“J.P. Morgan”) employee and do not necessarily reflect the policies or positions of JPMorgan Chase & Co. The material is provided for informational purposes only and is designed to provide general market commentary. It does not constitute J.P. Morgan research nor should it be considered a recommendation of a particular investment strategy or an offer or solicitation for the purchase or sale of any financial instrument.


Opinions and estimates offered constitute the featured J.P. Morgan employee’s judgment as of the date of this material and are subject to change without notice as are statements of financial market trends, which are based on current market conditions. J.P. Morgan believes the information provided here is reliable, but do not warrant its accuracy or completeness. References to future returns are not promises or even estimates of actual returns a client portfolio may achieve. Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation for any particular action.


Investing involves market risk, including the possible loss of principal. Investments in international or emerging markets can be more volatile and involve a greater degree of risk. Not all investments or strategies are suitable for all investors and there is no guarantee that a particular investment objective will be achieved. Past performance is not a guarantee of future results. You should speak to your financial advisor before making any investment decisions. J.P. Morgan and its affiliates do not provide legal, tax or account advice so you should seek professional guidance if you have questions.


Diversification does not ensure a profit or protect against a loss.


© 2018 JPMorgan Chase & Co.


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