Jamie Dimon blasts bitcoin as 'worthless'

Jamie Dimon says worst of pandemic might quickly be over

Dimon mentioned he’s not anxious about the potential for 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 efficient factor as a result of it is a signal that the worst of the Covid-19 pandemic, regardless of Delta variant fears, might quickly be over.

“We should always all thank our fortunate stars,” Dimon advised reporters about his expectation that the US might quickly be turning a nook on the subject of Covid-19 instances.

Dimon even dismissed worries about all of the headlines concerning provide chain disruptions because of the pandemic.

“There’s an excellent likelihood {that a} 12 months from now that we can’t be speaking about provide chains in any respect,” Dimon mentioned.

The difficulty is a significant 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 considerations in regards to the rising variety of individuals quitting their jobs, noting that wages are going up for employees — a optimistic 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% to this point this 12 months.
Shares of massive banking rivals Citigroup (C), Financial institution of America (BAC), Wells Fargo (WFC), Goldman Sachs and Morgan Stanley have all surged this 12 months 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 greater long-term rates of interest, which might increase lending earnings for banks.

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

However Barnum didn’t appear anxious in regards to the chance that greater charges will decelerate the pink scorching housing market. He mentioned throughout the press name that whereas rising charges may result in a slowdown in mortgage refinancing, this 12 months continues to be on track to be the largest 12 months ever for brand spanking new dwelling 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 dwelling costs are making it tougher for a lot of to afford a home.

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