Jamie Dimon says worst of pandemic could quickly be over

Jamie Dimon blasts bitcoin as 'worthless'

2021-10-13 19:51:16

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

He bluntly mentioned “that is 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, could quickly be over.

“We must always all thank our fortunate stars,” Dimon informed reporters about his expectation that the US could quickly be turning a nook with reference 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 an excellent likelihood {that a} yr from now that we can’t be speaking about provide chains in any respect,” Dimon mentioned.

The problem is a serious headache for retailers and shippers proper now although. President Biden is even assembly with executives from Walmart (WMT), Goal (TGT), FedEx (FDX) and UPS (UPS) Wednesday to speak about it.
Dimon additionally shrugged off issues concerning the rising variety of folks quitting their jobs, noting that wages are going up for employees — a constructive for the economic system.
Traders appear much less optimistic although. JPMorgan Chase (JPM) shares 2% Wednesday morning…though they continue to be up nearly 30% up to now this yr.
Shares of massive banking rivals Citigroup (C), Financial institution of America (BAC), Wells Fargo (WFC), Goldman Sachs and Morgan Stanley have all surged this yr too. These banks will every report their third quarter outcomes later this week.

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

JPMorgan Chase Chief Monetary Officer Jeremy Barnum informed reporters that mortgage development was beginning to pickup and that credit score high quality stays sturdy. He mentioned these traits ought to proceed as “we strategy what we hope is the tail finish of the pandemic.”

However Barnum didn’t appear anxious concerning the chance that increased charges will decelerate the crimson sizzling housing market. He mentioned throughout the press name that whereas rising charges may result in a slowdown in mortgage refinancing, this yr continues to be on the right track to be the largest yr ever for brand new residence loans.

“The influence of the taper and better charges should not be a supply of main concern for the housing market,” Barnum mentioned. However he famous that hovering residence costs are making it more durable for a lot of to afford a home.

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Supply by [tellusdaily.com]