One of Wall Street's largest firms has a clear message for investors: Keep calm and carry on with your long-term investment strategy.
"What you've seen investors doing is starting to chase other asset classes in a search for yield so they've been piling into things that they perceive as safe havens," explained JPMorgan's Stephen Parker on CNBC's "Futures Now" this week.
The bank's head of thematic equity solutions highlighted the recent popularity of minimum volatility exchange traded funds (ETFs). These instruments offer nervous investors the opportunity to invest in so-called safe haven stocks, such as utilities and consumer staples.
However, while these sectors currently offer attractive yields in a zero interest rate world, valuations are trading well above the market. For instance, consumer staples trade at 22 times forward earnings and utilities, which historically trade at a 20 percent discount to the market, are trading at a premium.
"When you think about safety, it is a reflection not just of the fundamentals, but also of the price you're paying," noted Parker. "We're telling clients to be cautious about chasing yields at this point."