A photo of a man in silhouette looking at a line chart pointing downward.
Whether or not the US is in a recession is a politically charged debate.
  • JPMorgan strategist Mike Bell said the biggest market risk is if there is no recession this year and wage growth stays high.
  • That would force the Federal Reserve to raise rates by more than expected to rein in inflation, he told Bloomberg.
  • Both stocks and bonds would decline if the central bank isn't able to deliver rate cuts that the market is expecting, he added. 

The biggest threat to markets right now is if a recession doesn't materialize, forcing the Federal Reserve to remain hawkish, JPMorgan strategist Mike Bell said.