JPMorgan’s Kelly Says Buy Value, Sell Crypto With Hawkish Fed

JPMorgan Asset Management’s David Kelly has some words of advice for investors rattled by a hawkish Federal Reserve: forget about short-term direction and focus on valuations.

Fed Chair Jerome Powell sent equity markets into a tailspin Friday after he reiterated that the central bank is willing to raise rates and keep them higher for longer to tame inflation, even at the risk of an economic downturn. That quashed hopes of a dovish pivot anytime soon, a view that helped fuel bets this year’s bear market is over.

Zuma Wealth founder and CIO Terri Spath says the markets are “spooked” about the potential for an economic hard landing.

Markets: The Close.”

“The economy has got one foot into a recession and the other ...