Despite the banking crisis and the lack of message from the Fed about the intention to reduce the key rate, the stock market shows inadequately active growth: European stock prices are close to the highest values in history, U.S. securities have moved to recovery after the recent downturn. However, this revival is not supported by anything and makes no sense, according to JP Morgan. Such warning was sounded by strategist Marko Kolanovic in his address to clients.

According to the bank, the players will change their view on the risk, as a result of which the stock market in the next few months will return to the lows of last year. Relevant prerequisites, in addition to the banking crisis, are a slowdown in economic growth and turmoil in the oil market, added Kolanovic. Decrease of VIX indicator below 20 signals that the players are set to solve the crisis in the banking sector soon, but, in the strategist's opinion, the current situation is more like the calm before the storm.