JPMorgan bond chief Bob Michele sees worrying echoes of 2008 in market calm

2023-06-09 16:07:31  • 6 mins

Key Points

  • The current market reminds Bob Michele, chief investment officer for JPMorgan Chase's massive asset management arm, of a deceptive lull during the 2008 financial crisis.
  • In previous rate-hiking cycles going back to 1980, recessions start an average of 13 months after the Fed's final rate increase, he said.
  • Pain is likely to be greatest in three areas of the economy: Regional banks, commercial real estate and junk-rated corporate borrowers, he said.

In this article

  • JPM

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Bob Michele, Managing Director, is the Chief Investment Officer and Head of the Global Fixed Income, Currency & Commodities (GFICC) group at JPMorgan.


To at least one market veteran, the stock market's resurgence after a string of bank failures and rapid interest rate hikes means only one thing: Watch out.

The current period reminds Bob Michele, chief investment officer for JPMorgan Chase's massive asset management arm, of a deceptive lull during the 2008 financial crisis, he said in an interview at the bank's New York headquarters.

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