Liquidity Extends the Cycle – But Raises the Stakes

J.P. Morgan’s 2026 outlook frames a world where fiscal expansion and easier policy keep growth broadening, even as the risks tied to abundant liquidity become harder to ignore. 

• Stimulus across the US, Europe and Asia fuels a durable expansion, though inflation or asset-price excesses remain the critical pressure points.

• Concentrated tech leadership demands careful navigation as AI capex surges while end-demand visibility lags.

• Regional diversification, selective private-market exposure and disciplined downside protection become central to portfolio construction.

To explore how these forces shape strategic positioning across equities, credit and alternatives, the full outlook lays out the architecture of the cycle ahead.