The chief executive of JPMorgan Asset Management has warned that commercial real estate forms one of the critical areas of risk in global markets after the aggressive monetary tightening by the US central bank.
“When the Federal Reserve hits the brakes, something goes through the windshield,” George Gatch said at the $2.5tn asset manager’s European Media Summit on Tuesday.
“We saw that with a bursting of a speculative bubble, of Ark [Invest],” said Gatch, referring to growth investor Cathie Wood, whose flagship fund’s share price dropped by two-thirds last year but has since partially rebounded.
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