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JPMorgan CEO Dimon says US economy is booming

Published 04/23/2024, 12:33 PM
Updated 04/23/2024, 03:07 PM
© Reuters. Jamie Dimon, Chairman and Chief Executive officer (CEO) of JPMorgan Chase & Co. (JPM) speaks to the Economic Club of New York in Manhattan in New York City, U.S., April 23, 2024. REUTERS/Mike Segar

By Nupur Anand

(Reuters) -JPMorgan Chase 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 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.

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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 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."

Latest comments

Why is the housing market and freight industries in a recession? Why does mostly everything cost double what it did 2 years ago? Why are homeless people everywhere? BECAUSE the economy is booming! That's why.
The economy is booming because the current administration says it is. They need every vote they can get. LOL
if the economy was as bad as these maga supporters are posting, they wouldn't have jobs and the unemployment rate wouldn't be below 4%
if the economy was as bad as these Trump maga cronies are posting they wouldn't have jobs and the unemployment rate wouldn't be under 4%. when trump left office the economy was in shambles.
No its mot booming he sit in ac room and fly helicopter and unaware of ground reality yet. US economy crash n stock very soon wl reflect.
maybe it's just booming for him bc he doesn't buy gas or pay rent
If Trump was president all his sumps and fluffers would be in here grovelling and prostrating themselves over how amazing he is!!! Omg wow so powerful!!! Lmao weak beta cucks.
Quit projecting.
Booming if you make $162 million per year maybe.
My auto insurance is $3400 a year. Maybe it's booming for them, but it's not for me.
the only reason your insurance is that high, you're ether driving a foreign exotic auto...or your really screwed up with the your driving record . drinking and driving or a large number of speeding tickets. which means, you're trying to blame others for your financial problems.... typical reaction from a maga supporter.
Haven't been to Florida or California lately, have you?
No. You’re talking to insulated partisan hacks with no understanding of reality.
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