While the recent stock-market rout flushed out some froth, US stocks remain at risk of more severe declines if growth continues to decelerate and the Federal Reserve “does not show urgency” in easing monetary policy, Dubravko Lakos-Bujas writes in his inaugural note leading market strategy at JPMorgan Chase & Co.

Traders were focused on the trajectory of inflation in the first half of the year, but their concerns have shifted primarily to elevated earnings expectations and the risks to the economy, the strategist wrote Thursday in his first note to clients since Marko Kolanovic’s departure from the firm.