Cross-Asset Strategy Chief Signs Off With Correction Warning

Cross-Asset Strategy Chief Signs Off With Correction Warning

(Bloomberg) -- John Normand shared one last round of advice before signing off.

JPMorgan's head of cross-asset fundamental strategy said in a note Friday that it was his last because he's “moving on,” though he didn't specify where he was going.

He sees a “moderate” chance of a 10% drop in the MSCI ACWI index in the Northern Hemisphere summer, which he said is better pre-empted via a range of trades that benefit from a hawkish Federal Reserve -- such as long U.S. dollar, short gold and long value versus growth -- than by reducing equity exposure overall.