JPMorgan chief global strategist David Kelly on CNBC
- If you look at auto sales, it's going to be the weakest quarter since 2014
- Housing starts are down
- The trade deficit got worse in April
- We were expecting a big bounce back in Q2 but it looks like that's not happening
- They see 1.5% growth in Q2
- The economy is slowing and it's unnerving to see the stock market do so well in a slowing economy
- Businesses aren't looking to boost revenues, they're looking to keep costs in check
- Workers have very little bargaining power and I think that's holding down wages
- They prefer global equities to US
