A prominent strategist from JPMorgan Chase & Co., Marko Kolanovic, has advised clients to avoid investing in both stocks and bonds

He has noted similarities between the current state of the U.S. economy and the conditions leading up to the 2008 financial crisis

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Kolanovic, known as “Gandalf” for his accurate market predictions

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Kolanovic, has expressed concerns about the potential for a severe recession due to rising interest rates and bond yields

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In a recent client note, he highlighted the increasing number of bankruptcies and defaults on consumer loans

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Kolanovic emphasized that the impact of rising interest rates

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On consumers and businesses is now much greater than it was in the years preceding the 2008 crisis

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On the market front, U.S. stocks had mixed performance recently

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Geopolitical tensions involving countries like China and Russia, which could trigger market volatility

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