JP Morgan highlight "two key pivots" to watch in the months ahead - Fed, growth/earnings

I posted earlier on the JPM comments re crypto

• JP Morgan shrugging off the plunge in crypto prices - not of systemic importance

JPM also added remarks on equities:

• We still don't see the hallmarks of bubbles at the index level in Equities and FICC.
• Focus instead this summer on two pivots - a more hawkish Fed and peak growth and earnings.
• Remember, however, that both still imply accommodative policy and a very strong economy.
• We therefore stay in cyclicals and Value stocks, despite the chatter that peaks should require more defensive portfolio rotations.

(Bolding is mine)