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Within our financial system, the idea that the Federal Reserve should operate as an independent entity is fundamental. Importantly, the Federal Reserve is a political institution that is accountable to Congress, but also to the public, and its independence ensures it can conduct monetary policy in a way that it perceives to be in support of its dual mandate without undue political pressures. However, some candidates on the campaign trail have expressed interest in giving other branches of government a say in the Fed’s decision-making process, meaning that this election could have major implications for the ways in which monetary policy is conducted, its efficacy and the public’s confidence in the central bank.

To explore the implications of any changes to the Federal Reserve’s independence, Gabriela Santos is excited to be back with Dr. David Kelly, Chief Global Strategist here at J.P. Morgan Asset Management.

Resources:

For more resources on the U.S. elections visit our Election Insights hub

Listen to the audio version of the Insights Now podcast: Apple Podcasts | Spotify

Subscribe to the Notes on the Week Ahead podcast for more insights from Dr. David Kelly: Apple Podcasts | Spotify

Watch the video version on Youtube.

In this episode of Alternative Realities, we’re going to be exploring the alternatives landscape from the perspective of the individual investor. Historically, these asset classes have been the domain of institutional capital, but the structure of alternative investment vehicles is evolving in ways that make them more accessible. Not only do individual investors have more access to alternatives, they also may have a greater need as the traditional 60/40 portfolio faces challenges like elevated valuations, positive stock-bond correlation and a negative real yield. Additionally, as more companies are choosing to stay private for longer, alternatives allocations are becoming increasingly necessary to access these high-growth areas of the market.

Dr. David Kelly, Chief Global Strategist is joined by Kristin Kallergis, the Global Head of Alternatives for the J.P. Morgan Private Bank, to discuss all of these themes. Kristin’s team manages $180BN of private wealth across a wide array of alternatives solutions, giving her unique insight into the evolution of this market.

Timestamps: Introduction (00:00), Individuals vs. Institutions investing in alternatives (1:15), Liquidity needs within alternatives for individual investors (3:10), Selecting the right manager for alternatives (4:59), Popular asset classes within alternatives for individual investors (6:21), Niche asset classes (8:02), Private equity cash flow (10:12), Alternatives and secular themes (13:06)

Resources:

For more resources on the Alternatives, visit our Guide to Alternatives and Principles of Alternatives Investing

Listen to the audio version of the Alternative Realities podcast: Apple Podcasts | Spotify

Subscribe to the Notes on the Week Ahead podcast for more insights from Dr. David Kelly: Apple Podcasts | Spotify

Watch the video version on YouTube.

Federal government regulatory policies have the potential to reshape both the economic landscape and the investment opportunity set and both candidates for president have expressed strong opinions on regulatory issues. However, their attitudes on regulatory oversight appear to vary across industries and issues affecting the economy and society. In addition, their power to implement regulatory change is limited both by political realities and the courts. For investors, it is important to remember that it is policy, not politics, that matters most for markets and the economy. However, history suggests that regulatory policy may not always impact markets in the ways we’d expect.

To dive deeper into proposed regulatory policies and their potential impacts, Gabriela Santos, Chief Market Strategist for the Americas, is joined by Dr. David Kelly, Chief Global Strategist at J.P. Morgan Asset Management.

Resources:

For more resources on the U.S. elections visit our Election Insights hub

Subscribe to the Notes on the Week Ahead podcast for more insights from Dr. David Kelly: Apple Podcasts | Spotify