Guide to the Markets 2Q 2022

J.P. Morgan Asset Management

Research

71 Pages

J.P. Morgan Asset Management’s Guide to the Markets Q2 2022 walks through the evolving macro backdrop shaped by inflation, rising rates, and geopolitical shocks, and how these forces ripple across equities, fixed income, and portfolios. It highlights a regime shift where inflation persistence and policy tightening challenge diversification, with equities still supported by earnings strength near 8%.

Key Takeaways

Inflation Regime Shift: Inflation reached multi-decade highs near 8%, pushing central banks toward aggressive tightening cycles not seen since the early 2000s.
Earnings Still Resilient: S&P 500 earnings growth remained strong at roughly 8% in 2022, despite margin pressures and slowing economic momentum.
Valuation Dispersion Wide: S&P 500 valuation spread widened to 16.5 versus a 25-year average of 11.3, signaling increased opportunity but also higher dispersion risk.
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