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