JPMorgan's David Kelly says current oil and tariff issues are 'temporary'

• Iran-related oil price surges and tariff issues are considered temporary, with an expectation of resolution and oil flow from the Persian Gulf.
• The US economy is expected to continue growing slowly, potentially aided by further stimulus checks or tariff rebates.
• Inflation is projected to reach 3.5% by May but fall back to 2% by December, and potentially below 2% next year.
• Long-term economic growth is expected to be around 1.5%, with AI productivity needing to offset a shrinking working-age population.

David Kelly, Chief Global Strategist at JPMorgan Asset Management, views current oil price surges and tariff issues as temporary. He anticipates a resolution in the Persian Gulf, allowing oil flow, and believes the US economy has enough underlying strength to continue growing, albeit slowly. He projects inflation to peak around 3.5% by May but fall back to 2% by December, with long-term growth settling around 1.5%.