Bug when using & in rich text

[j-great]

When I put ampersand (&) together with html/xml in the message, like this:

<FormattedMessage
   defaultMessage="<b>Hey & you!</b>"
   id="hello"
  />

I get this error:

[React Intl] Error formatting the default message for: "hello"
Error: Malformed XML message <h3 xmlns="http://www.w3.org/1999/xhtml">This page contains the following errors:</h3><div xmlns="http://www.w3.org/1999/xhtml" style="font-family:monospace;font-size:12px">error on line 1 at column 19: xmlParseEntityRef: no name

But when I replace the ampersand for another special character, it works fine.
If I remove the tags:

<FormattedMessage
   defaultMessage="Hey & you!"
   id="hello"
  />

It works fine. This also works:

<FormattedMessage
   defaultMessage="Hey &#38 you!"
   id="hello"
  />

It seems to occur when using ampersand without html-code with xml/html tags.
Any idea how to solve this?

I'm using:
Mac Mojave 10.14
Chrome v. 76
Node v 10.15.3