The US economy is headed for a hard landing as the banking crisis makes a recession more likely - and traders should avoid risk, JPM's quant guru says

• Turmoil in the US banking system has made a recession more likely, JPMorgan strategists said.
• That's bad news for stocks, which have already been battered by tightening monetary policy.
• "We stay cautious on risk assets which price in too little recession risk," strategists said in a note.

The US economy is likely on track for a hard landing scenario, with recent bank crises significantly raising the odds of a recession, JPMorgan strategists led by Marko Kolanovic said in a note on Monday.