Photo by ANGELOS TZORTZINIS/AFP via Getty Images
- JPMorgan is overweight commodities outside of gold, given weak positions and geopolitical risk.
- Concerns with US Treasury supply have not been resolved by recent developments, it said.
- Meanwhile, investors are too optimistic equities can run higher, amid a slew of headwinds.
JPMorgan recommended commodities over government bonds, and reiterated a cautionary stance on the ongoing stock market rally.
In a Monday note, chief global markets strategist Marko Kolanovic said the bank is still positioned for defense, despite recent investor optimism.