JPMorgan Asset Management's Michele: The signal from the Federal Reserve is "don't worry"

After the Federal Reserve decided to keep interest rates unchanged on Wednesday, Michele stated that the economy is experiencing "a bit of short-term inflation shock," which could actually help accelerate growth. However, he also admitted that he was "gobsmacked" by the Fed's decision. "They tell us not to worry," said the head of JPMorgan's global fixed income division. But he added that he wasn't buying it: "This will have real effects on inflation and ultimately on the labor market." (Bloomberg)