"The economy is defying gravity" after third-quarter GDP approached 5%, according to JPMorgan portfolio manager Phil Camporeale.
If no recession materializes, as Camporeale expects, then investors should buy high-yield bonds.
AdvertisementAdvertisementThe recession everyone's been waiting for over the past 18 months isn't coming anytime soon after the release of third-quarter GDP data, according to JPMorgan portfolio manager Phil Camporeale.
The US economy posted third-quarter GDP growth of 4.9%, representing its strongest quarterly growth since late 2021, and that's after multiple quarters of above-trend growth.
AdvertisementAdvertisementWith a recession potentially averted, as he expects, investors should be buying high-yield bonds that are returning upwards of 9%.
Persons:
Phil Camporeale, Camporeale, —
Organizations:
Service, CNBC, Federal Reserve