With the war effectively over, the consumer now has to confront head on the reality of continued weakness in the labor market, which ultimately should be a more important issue than geopolitics. As a result, the firm still believes that the risks for the consumer sector are skewed to the downside. In spite of JPMorgan’s own lingering concerns about the consumer, analysts think the disparity in price performance has created improved relative value for subordinate and long dated senior ABS . Hence their modest overweight recommendation.
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