JPMorgan's Bob Michele predicts recession despite market rally.

Bob Michele, the chief investment officer of JPMorgan Asset Management, has warned of an economic downturn, saying that markets are headed for a rally before an inevitable slowdown. Michele anticipates that the central bank may cut starting in September. He said many investors, including himself, are now sanitizing their portfolios so that they only have assets that can weather or thrive in an economic downturn. Michele advised investors to avoid leaning into the rally as gains will be fleeting, adding that the U.S. will enter a recession by year-end.