HomeInternationalJamie Dimon says worst of pandemic may soon be over

Jamie Dimon says worst of pandemic may soon be over

Dimon stated he isn’t nervous concerning the risk of inflation heating up within the subsequent few months throughout a name with reporters about JPMorgan Chase’s third quarter earnings Wednesday.

He bluntly stated “that’s life” and added that the truth that we’re even speaking about inflation is an effective factor as a result of it is a signal that the worst of the Covid-19 pandemic, regardless of Delta variant fears, may soon be over.

“We should all thank our lucky stars,” Dimon informed reporters about his expectation that the US may soon be turning a nook as regards to Covid-19 circumstances.

Dimon even dismissed worries about all of the headlines relating to provide chain disruptions as a result of pandemic.

“There’s a very good chance that a year from now that we won’t be talking about supply chains at all,” Dimon stated.

The challenge is a serious headache for retailers and shippers proper now although. President Biden is even assembly with executives from Walmart (WMT), Target (TGT), FedEx (FDX) and UPS (UPS) Wednesday to speak about it.
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Dimon additionally shrugged off issues concerning the rising quantity of individuals quitting their jobs, noting that wages are going up for staff — a constructive for the financial system.
Investors appear much less optimistic although. JPMorgan Chase (JPM) shares 2% Wednesday morning…though they continue to be up virtually 30% to date this 12 months.
Shares of large banking rivals Citigroup (C), Bank of America (BAC), Wells Fargo (WFC), Goldman Sachs and Morgan Stanley have all surged this 12 months too. Those banks will every report their third quarter outcomes later this week.

Banks have benefited from hopes that the Federal Reserve will soon begin to reduce on, or taper, its bond purchases. That ought to result in larger long-term rates of interest, which might enhance lending earnings for banks.

JPMorgan Chase Chief Financial Officer Jeremy Barnum informed reporters that mortgage progress was beginning to pickup and that credit score high quality stays sturdy. He stated these developments ought to proceed as “we approach what we hope is the tail end of the pandemic.”

But Barnum didn’t appear nervous concerning the risk that larger charges will decelerate the crimson scorching housing market. He stated in the course of the press name that whereas rising charges might result in a slowdown in mortgage refinancing, this 12 months remains to be on track to be the largest 12 months ever for brand new residence loans.

“The impact of the taper and higher rates shouldn’t be a source of major concern for the housing market,” Barnum stated. But he famous that hovering residence costs are making it more durable for a lot of to afford a home.

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