JPMorgan AM sees similarities between current stock market rally and pre-2008 crisis trends.

JPMorgan Asset Management's CIO, Bob Michele, warns investors to be cautious of the ongoing stock market rally as it is reminiscent of the months leading up to the 2008 financial crisis. He cites the Federal Reserve's aggressive interest-rate increases, credit squeeze caused by banking-sector stress, risks tied to commercial real estate, and the inverted bond-yield curve as indicators of looming economic risks. Michele believes it would be a "miracle" if the US economy avoided a recession once the Fed's rate hike campaign ends.