J.P. Morgan Asset Management’s 2026 Investment Outlook argues that unprecedented fiscal and monetary stimulus is sustaining global expansion, even as inflation and asset-bubble risks build
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“Peacetime” deficits and rate cuts across the US, Europe and Asia are broadening growth into 2026, with Germany’s fiscal pivot and Japan’s pro-growth stance reinforcing momentum.
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Risks centre on renewed inflation pressures, Fed independence concerns and elevated equity valuations—particularly in concentrated US tech.
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Portfolio guidance: diversify beyond US tech, lean into selective Europe, Japan and China exposure, embrace private markets, and add inflation hedges.
Is this liquidity cycle a durable expansion—or a precursor to volatility? The full outlook details positioning.
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