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Tuesday, October 19, 2021
HomeWorldJamie Dimon says worst of pandemic might quickly be over

Jamie Dimon says worst of pandemic might quickly be over

Dimon stated he’s not anxious about the opportunity 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, might quickly be over.

“We should all thank our lucky stars,” Dimon informed 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 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 problem 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 folks quitting their jobs, noting that wages are going up for employees — a constructive for the financial system.
Buyers appear much less optimistic although. JPMorgan Chase (JPM) shares 2% Wednesday morning…though they continue to be up nearly 30% up to now 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 in the reduction of on, or taper, its bond purchases. That ought to result in increased long-term rates of interest, which might enhance lending income for banks.

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

However Barnum didn’t appear anxious in regards to the risk that increased charges will decelerate the pink sizzling housing market. He stated in the course of the press name that whereas rising charges may result in a slowdown in mortgage refinancing, this 12 months continues to be heading in the right direction to be the largest 12 months ever for brand spanking new house loans.

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

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