JP Morgan strategist Ben Mandel told CNBC's "Squawk on the Street" his view is that the U.S. economy is fundamentally sound and still in midcycle.
"Overall, M&A activity is not signaling that we're going late. In fact, you look at other measures, the output gap of the U.S. economy is pretty much neutral right now," he said Wednesday. "Consumers are not showing many signs of exuberance in the sense that savings rates are near 20-year averages."
Moreover, Mandel said that there's no sign of the telltale indicator of the end of a cycle: a turn in business sentiment.