JPMorgan's Kelly Sees Fed 'Pivot of Sorts' Next Year

The transcript discusses predictions for the Federal Reserve's rate changes, suggesting a gradual decrease in rate hikes over the coming months. It highlights the potential for a positive environment for risk assets due to low growth, low inflation, and low interest rates. The discussion also touches on the lack of a structural shift in the economy, noting the absence of strong unionization and the impact of technology. The potential for a bond bull market is considered, though not as significant as past markets.

What is the speaker's prediction for the Federal Reserve's actions in February?

• Maintain current rates

• Increase rates by 25 basis points

• Decrease rates by 25 basis points

• Increase rates by 75 basis points

According to the speaker, why is the current setup positive for risk assets?

• Strong economic growth

• High inflation rates

• Everything is on sale

• High interest rates

What does the speaker predict about the future economic environment?

• High growth and high inflation

• High growth and low inflation

• Low growth and high inflation

• Low growth and low inflation

How does the speaker view the current economic situation compared to the past?

• A return to pre-pandemic conditions

• A temporary aberration

• A new economic paradigm

• A major structural shift

What does the speaker suggest about the potential bond market?

• It will remain stagnant

• It will be a repeat of the 1980s bull market

• It will be a minor bull market

• It will lead to significant losses