Clients of J.P. Morgan Private Bank are holding high cash balances in anticipation of adding to risk assets during a market pullback.

J.P. Morgan Private Bank expects 5-7% returns in equities over the next 12 months.

Central bank buying of gold is expected to be a tailwind for the asset over the next 6 to 18 months.

Despite high inflation concerns, clients of J.P. Morgan Private Bank do not have portfolios structured for a higher inflationary environment.

Inflation is the biggest risk that clients of J.P. Morgan Private Bank are concerned about.

J.P. Morgan Private Bank is advising clients to add real assets, infrastructure, and hedge funds to their portfolios to perform better in an inflationary environment.

Across the J.P. Morgan Private Bank platform, approximately 20% of client assets are currently held in cash.