The Fed may do a policy U-turn and slash interest rates as soon as year-end - because a recession almost here, J.P. Morgan Asset Management's CIO says

• The Fed may cut rates as soon as year-end as a recession hits the US economy, according to J.P. Morgan Asset Management's CIO. 
• "The magnitude of the slowdown we're seeing across the board tells us that we'll probably still be hitting recession around year-end, so they'll be cutting rates by then," Bob Michele said.
• Such a move would be similar to how the Fed dropped its "transitory" call on inflation and started raising rates, he said.

A US recession is round the corner and it may force the Federal Reserve to slash interest rates as soon as year-end, according to the chief investment manager of J.P. Morgan Asset Management.