JPMorgan's Michele Sees Entire Yield Curve at 3% Midyear

The transcript discusses the impact of easing financial conditions on market pricing and Chairman Power's expected hawkish stance. It highlights client interest in the bond market, suggesting investment in aggregate bond funds. The discussion covers fixed income investment strategies, emphasizing caution with high yield credit due to recession risks. The analysis predicts high yield as a latter 2023 trade, noting the unexpected resilience of the economy due to accumulated savings.

What does the speaker suggest about high yield credit and its timing in relation to a recession?

What factors does the speaker believe are influencing the current state of the high yield market?