Ballooning coronavirus debt at the federal level poses “very serious†issues for investors, according to JPMorgan Chase & Co.’s asset management unit.
“We now expect deficits of roughly $3.5 trillion in fiscal 2020 and $3.0 trillion in fiscal 2021, bringing the debt to $23.3 trillion or 106.5 percent of GDP by September 30th,†David Kelly, J.P. Morgan Asset Management’s chief global strategist, said Monday in his weekly note.
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