Dubravko Lakos-Bujas, JPMorgan's new head of market strategy, wrote in an inaugural report that the recent rout in US stocks had deflated some bubbles in the market, but that positions and valuations remained at risk if economic growth continued to slow and the Fed "showed no urgency" in easing monetary policy. "Equities are no longer a one-way upside trade," Mr. Lakos-Bujas told clients. "They are increasingly a two-way debate about downside risks to growth, timing of Fed rate cuts, crowded positions, high valuations, elections and heightened geopolitical uncertainty."