Strategists at JPMorgan prefer value stocks over growth stocks, and are optimistic that the economy will sustain positive momentum, reports an article in The Street. Though growth stocks have dipped recently, they’re still not cheap, remaining near multi-year highs. Meanwhile financial stocks and commodities have strengthened, but are still relatively inexpensive, especially compared to commodity prices and against potential rate changes coming from central banks.

Earnings in growth sectors have seen their potential drop, while some value sectors are rallying, and the biggest factor fueling stock prices are bond yields, the article maintains. Because growth stocks benefit from low yields, their high valuation premiums over value will shrink once bond yields rise in the wake of increased rates.

The JPMorgan strategists also note that banks, mining, energy, insurance, autos, travel and telecoms have done well this year, and investors should remain bullish on them. “We believe one should look through the widespread slowdown calls,” they wrote, and remain optimistic about the economy’s outlook, even as geopolitical tensions flare, expecting the call for risk-on intervals to start up again in the spring.