Global Research 28

J.P.Morgan March 2024

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Ac (1-212) 270-
6000 global.research@
jpmresearchmail.com
: (2024 3 27 )
(1-
212)648-2948 samantha.
m.azzarello@jpmorgan.
com
Gabrielle Jabre (1-212)
622-0845 gabrielle.jbr@
:
jpmorgan.com
Jay Barry

Michael Feroli

Dubravko Lakos-Bujas

See page 11 for analyst certification and important disclosures.

www.jpmorganmarkets.com
 28 March 2024

- :

: Michael Feroli GDP ( :2.

25%) 2023

:Feroli :
( ) GDP 0.5% 1.5%

I
1 2 2
1 2 1
3.9% 3.8% :
CPI ( )
1 0.8% 2 0.5%

2023

Feroli
:1) ;2)

2
 28 March 2024

1: CPI

:BLS, J.P. Morgan Economics

GDP 3.2% ( )

2 27.5
2 3.9% 0.1%
2 CPI 0.4%
2 1 2

(Jay Barry) 6

10

3
 28 March 2024

Dubravko Lakos-Bujas
:

(99.8%ile) ( )

( )

5 LLM /

AI/ Lakos-Bujas Mag7

Mag7
AI/ Lakos-Bujas

US Weekly Prospects (Mar 22 | Michael Feroli et al.)

Treasuries: Fed policy and bracketology (Mar 22 | Jay Barry et al.)
Equity Strategy: Momentum Crowding, AI Halo Effect, Market Dislocations (Mar 10 | Dubravko Lakos-Bujas et al.)
Market and Volatility Commentary: 1970s and Risk of a Second Wave, Elections and Markets, Positioning (Feb 21 | Marko Kolanovic et al.)

4
 28 March 2024

3 20th FOMC (FOMC)

12 2025 26

:
1-2

2024
: 2.5% 2.563%

- 6

- QT

5 (4 10 )
QT 5 1 Barry " QT
MBS "

:
RRP 3000 QT QT
QT

200
MBS 250

MBS 2025

View More

5
 28 March 2024

(3 22 |
) : ?(3 15 |
)

6
 28 March 2024

:
Lakos-Bujas
:

GFC : (2009-11 ) Vol (2014-16 ) Covid Beta (2020-21 )

( Mag7 )

TMT 93.4%

2: 99.8%

Lakos-Bujas : ( AI
) (
)

7
 28 March 2024

: ?

: AI (3 10 | Dubravko Lakos-Bujas )

8
 28 March 2024

In :

- Mag7
SaaS
-
12

3: SOMA
;%

: Z.1

Immigration

2023 2024
330 :

9
 28 March 2024

11

3 ? :

1) QT QT
( ) 2025

2)
3)

V
: (3 19 | Michael Feroli)

10
Global Research AC (1-212) 270-6000 global.research@ ielle Jabre (1-212) 622-0845 gabrielle.jabre@
jpmresearchmail.com jpmorgan.com 2024 3 28
Samantha Azzarello (1-212) 648-2948 samantha.m. Samantha Azzarello
azzarello@jpmorgan.comGabr

: AC ( AC
):(1) ;(2)
KOFIA

( )

: https://www.jpmm.com/research/disclosures 1-800-477-0406
research.disclosure.inquiries@jpmorgan.com

12 http://www.jpmorganmarkets.com

J.P.
MIFID FICC : MIFID J.P. FICC FICC

; ; ; ; ( ); ( ); ( )

J.P. ( )

( ) https://www.jpmorgan.
com/disclosures/cryptoasset-disclosure

(ETF): J.P. ( JPMS ) ETF ETF JPMS ETF

ETF JPMS ETF
ETF JPMS ETF /

: J.P.
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Futures_Risk_Disclosure_Statement_2018.pdf

(IBORs) :
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: ( J.P. ) ) J.P.
J.P.

11