JP Morgan Strategist Says US Protected from Brexit Fallout

Some investors are worried there is more risk to the downside, even as the Nasdaq has recovered about half of its losses after the U.K. vote last week to leave the European Union.

But Ben Mandel, global strategist at JPMorgan, told CNBC’s “Squawk on the Street” on Wednesday that there is a “set of two shock absorbers which mitigate the effect for the U.S. in particular.”
The first is that “cyclical strength is reasonably good,” according to Mandel, who cited the resilience of the consumer and the labor market. He also said that central banks are going to have “an aggressive response” especially from the Bank of England and the European Central Bank.

“I think the [Bank of Japan] is forced to act some time this summer. For its part, the [Federal Open Market Committee] is probably on hold until December. So you have this ubiquitous tack towards monetary easing, which cushions the blow,” Mandel said.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza