Jamie Dimon says the worst pandemic may end soon

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Dimon said in a conference call with reporters on JPMorgan Chase’s third-quarter earnings on Wednesday that he is not worried about the possibility of rising inflation in the coming months.

He bluntly said “This is life” and added that the fact that we are even talking about inflation is a good thing, because it shows that despite concerns about the Delta variant, the worst of the Covid-19 pandemic may be very fast It will end.

“We should all be grateful for our lucky stars,” Dimon told reporters. He expects that the United States may soon see a turnaround in the Covid-19 case.

Dimon even refuted all the headlines about the pandemic causing supply chain disruption.

Dimon said: “One year from now, we probably won’t talk about the supply chain at all.”

However, this problem is currently causing headaches for retailers and shippers.President Biden even met from Walmart (Garbage classification), Target (TGT), Federal Express (FDX) with ups (ups) Let’s talk about it on Wednesday.
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Dimon also dismissed concerns about rising unemployment and pointed out that workers’ wages are rising-which is good for the economy.
However, investors seem to be less optimistic. JPMorgan (JPMorgan) Shares rose 2% on Wednesday morning…even though they are still up nearly 30% so far this year.
Stocks of big bank competitors Citigroup (C), Bank of America (BAC), FuGuo bank (World Financial Center), Goldman Sachs and Morgan Stanley have also surged this year. These banks will report their third-quarter results separately later this week.

Banks benefit from the hope that the Fed will soon begin to cut or curtail its bond purchases. This should lead to higher long-term interest rates, thereby increasing bank loan profits.

Jeremy Barnum, chief financial officer of JPMorgan Chase, told reporters that loan growth has begun to pick up, and credit quality remains strong. He said that these trends should continue as “we approach the end of the pandemic that we hope for”.

But Barnum doesn’t seem to worry about the possibility that rising interest rates will slow down the hot real estate market. He said at a press conference that although rising interest rates may lead to a slowdown in mortgage refinancing, this year is still expected to be the largest year of new home loans in history.

Barnum said: “The impact of cutting and raising interest rates should not be a major concern in the real estate market.” But he pointed out that soaring house prices have made it more difficult for many people to afford houses.

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