Jamie Dimon blasts bitcoin as 'worthless'

Jamie Dimon says worst of pandemic could quickly be over

Dimon stated he’s not 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 stated “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 almost about Covid-19 circumstances.

Dimon even dismissed worries about all of the headlines relating to 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 stated.

The difficulty is a significant headache for retailers and shippers proper now although. President Biden is even meeting with executives from Walmart (WMT), Goal (TGT), FedEx (FDX) and UPS (UPS) Wednesday to speak about it.
Dimon additionally shrugged off concerns concerning the rising number of people quitting their jobs, noting that wages are going up for staff — a constructive for the economic system.
Buyers appear much less optimistic although. JPMorgan Chase (JPM) shares 2% Wednesday morning…though they continue to be up nearly 30% to date 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 greater 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 stated these traits ought to proceed as “we method what we hope is the tail finish of the pandemic.”

However Barnum didn’t appear anxious concerning the risk that greater 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 course to be the most important 12 months ever for brand new dwelling loans.

“The impression of the taper and better charges should not be a supply of main concern for the housing market,” Barnum stated. However he famous that hovering dwelling costs are making it tougher for a lot of to afford a home.