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The Fed Won't Wait to Respond to Stock Selloff: Bob Michele
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April 6, 2025
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2:11Now PlayingUS equity futures slumped and the yen surged early Monday in a sign of deepening turmoil across financial markets as investors began to price in the fallout from Donald Trump’s reciprocal tariffs.
S&P 500 contracts fell 4% after the benchmark suffered its worst two-day plunge since March 2020 on Friday, slashing over $5 trillion in value. Equity futures for Japan and Australia are down more than 4%. China stocks are expected to fall sharply when trading resumes after an extended weekend, during which Beijing announced 34% tariffs on all imports from the US. A gauge of US-listed Chinese shares fell 8.9% on Friday.
The Japanese yen and Swiss franc strengthened as traders sought havens, while the Australian and New Zealand dollars tumbled. Oil fell more than 3%. Copper futures sank by more than 8% in early trading. The metal, which has a high historical correlation to global growth, fell more than 10% last week.
All of this increases the change of action from the Federal Reserve, according to Bob Michele. The Chief Investment Officer of JP Morgan Asset Management spoke with Bloomberg's Jonathan Ferro and Lisa Abramowicz.
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