financetom
Economy
financetom
/
Economy
/
JPMorgan CEO Dimon says US economy is booming
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
JPMorgan CEO Dimon says US economy is booming
Apr 23, 2024 1:11 PM

(Reuters) -JPMorgan Chase ( JPM ) CEO Jamie Dimon expressed confidence in a robust U.S. economy backed by strong employment and healthy consumer finances.

The U.S. economic boom is "unbelievable," Dimon said at an Economic Club of New York event on Tuesday. "Even if we go into recession, the consumer's still in good shape."

Still, he warned about the potential economic effects of the rising national debt, inflation and geopolitical conflicts.

Dimon, who has run the largest U.S. lender for more than 18 years, has cautioned that inflation could be more persistent than expected, keeping interest rates higher for longer.

Turning to public policy, the 68-year-old said the government would be better off with more "practitioners" at the table. His name has been floated for senior economic roles.

"I want to help my country," Dimon, one of corporate America's most prominent executives, said in a wide-ranging interview with Marie-Josee Kravis, chair emerita of the Economic Club of New York.

"I want the next president, whoever it is, to put the other party (members) in their cabinet. That is what I would like to see. I would like to see practitioners go back to the government."

JPMorgan ( JPM ) has previously declined to comment on speculation about Dimon joining the government, or said that he had no plans to run for office.

The CEO discussed policy issues including U.S. military power, political polarization and need for inclusive economic growth at the event. He also compared the nation's economic performance and policies with those of other countries.

The U.S. needs a more harmonious relationship between lenders and their regulators, Dimon said.

He has previously criticized draft rules to raise capital requirements for big banks, saying they would curb lending and stymie growth.

JPMorgan's ( JPM ) first-quarter profit beat analysts' estimates. It posted record earnings last year.

Dimon hailed U.S. leadership and economic power in an annual letter to shareholders earlier this month that invoked "liberty and justice for all."

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Weaker-Than-Expected Job Market 'Could Pave Way' For Fed Rate Cut of 0.5%: Economist
Weaker-Than-Expected Job Market 'Could Pave Way' For Fed Rate Cut of 0.5%: Economist
Aug 22, 2024
The Federal Reserve has every reason to cut interest rates at its next meeting in September since the U.S. revised its jobs report, according to economists. “A weaker-than-expected job market could pave the way for the Fed to cut by a half percentage point in September,” said Jeffrey Roach, chief economist for LPL Financial. The Fed can effectively temper wage...
Weaker-Than-Expected Job Market 'Could Pave Way' For Fed Rate Cut of 0.5%: Economist (CORRECTED)
Weaker-Than-Expected Job Market 'Could Pave Way' For Fed Rate Cut of 0.5%: Economist (CORRECTED)
Aug 22, 2024
Editor’s note: This story has been updated to correct a reference to January 2025 in comments from Comerica Bank’s chief economist. The Federal Reserve has every reason to cut interest rates at its next meeting in September since the U.S. revised its jobs report, according to economists. “A weaker-than-expected job market could pave the way for the Fed to cut...
US Economy Adds 818,000 Fewer Jobs Than Initially Reported: Urgency For Interest Rate Cuts Grows Further
US Economy Adds 818,000 Fewer Jobs Than Initially Reported: Urgency For Interest Rate Cuts Grows Further
Aug 22, 2024
The U.S. economy experienced a downward revision of 818,000 non-farm payrolls between April 2023 and March 2024, according to government data released Wednesday. This adjustment represents a 0.5% decrease in overall job gains for the year, a greater fall than major U.S. investment banks like Goldman Sachs and JPMorgan Chase were anticipating. Job figure revisions typically fall within a range...
Federal Reserve Watch for Aug. 21: FOMC Minutes Add to Likelihood of Rate Reduction at September Meeting
Federal Reserve Watch for Aug. 21: FOMC Minutes Add to Likelihood of Rate Reduction at September Meeting
Aug 22, 2024
02:39 PM EDT, 08/21/2024 (MT Newswires) -- The minutes of the July 30-31 Federal Open Market Committee meeting showed that some were willing to consider an interest rate reduction at that meeting, but all agreed to wait for more evidence on falling inflation, citing the likelihood of a reduction at the next meeting if the data progress as expected. Recent...
Copyright 2023-2025 - www.financetom.com All Rights Reserved