It's time to become defensive with stocks and ditch them for bonds because a recession is coming, says JPMorgan's top strategist

• Investors should ditch stocks for bonds because a recession is guaranteed, according to JPMorgan's top strategist.
• "We maintain that markets are overpricing recent good news on inflation and are complacent of risks," Marko Kolanovic said. 
• The strategist thinks investors should fade the stock rally of 2023 because an economic downturn hasn't been priced into markets.  

Investors should steer clear of US stocks and pile into bonds as a recession is guaranteed if the Federal Reserve wants to bring inflation back down to its target, according to JPMorgan's top strategist.

Marko Kolanovic said Monday he's "turning more defensive" on stocks – and recommends investors should fade the stock market rally of 2023 because "a recession is currently not priced into equity markets."