JPMorgan’s Erdoes Says Healthy 10% Market Drop Unlikely
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JPMorgan Chase & Co.’s Mary Callahan Erdoes said U.S. stocks are likely to fall by a little or tumble a lot. Just nothing in between.
“It would be very healthy, but we’re not going to get a 10 percent correction,” Erdoes, chief executive officer of JPMorgan’s asset-management business, said yesterday at an Institute of International Finance event in Washington. “We’re going to get a 2 percent correction with a lot of cash coming in on the way down, or we’re going to get a real correction, and it’s going to be a lot worse than 10 percent.”