Bob Michele, the chief investment officer for JPMorgan Chase's asset management arm, has warned that the current market period reminds him of the deceptive lull during the 2008 financial crisis. Michele, who oversees over $700bn in assets for JPMorgan, believes that the economy will probably tip into recession by the end of the year, with regional banks, commercial real estate, and junk-rated corporate borrowers likely to be hit the hardest. Despite this, other experts such as BlackRock bond chief Rick Rieder and Goldman Sachs economist Jan Hatzius have said that the economy is in much better shape than people believe.

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