🔥JPMorgan strategist: The US economy is strong and the Fed does not need to cut interest rates

Oksana Aronov, head of alternative fixed income market strategy at the asset management company, said in an interview with CNBC on Tuesday:

Interest rates are not as restrictive as the Fed expected... The market has become accustomed to a low interest rate environment, "This (the market's call for a rate cut) is the impact that 15 years of extraordinary unconventional monetary policy will have on the market."

Aronov said that the US unemployment rate has hit a record low, and the market is no longer accustomed to a normal interest rate environment. The current unemployment rate of 4.3% is "well within" the Fed's 5% target, and any recent weakness is just a return to normal after years of very tight labor markets... We haven't really seen widespread weakness. Retail sales, as well as strong earnings for retailers such as Walmart (WMT.N), all show strong consumption levels.

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