JPMorgan Chase valued an increase of 4.44% on Fridays. The bank says that the U.S economy stays strong for consumers as well as big companies.The results have highlightened the benefits of JPMorgan’s diversified business.
The biggest bank of the country continued to earn moe than expected on lending in the third quarter and raised forecasts of what it will earn this year, even after the Fed recently cut interest rates for the first time in four years.
“In our forecast, we have some modest rate cuts in, beginning in the next third quarter of next year … I could see a scenario where the Fed is on hold at these rates for all of next year. Certainly that wouldn’t be unprecedented.”- Michael Feroli, Chief U.S. Economist, J.P. Morgan said.
Jamie Dimon, CEO of JPMorgan said, “We have been closely monitoring the geopolitical situation for sometime, and recent events show that conditions are treacherous and getting worse.” Dimon, who has run the bank for 18 years now has emphasized that he and the rest of the board will do the right thing on succession.
He added, “We have had disinflation occur alongside resilient growth. I think some of that is the dreaded transitory story actually having some validity to it, which is to say, particularly in goods inflation, a lot of the things that really pushed up inflation were related to supply disruptions that have mostly ameliorated themselves.”
Feroli expects fourth quarter core CPI to be at 4% next year, it should come down further to 2.7%. JPMorgan’s investment banking fees surged 31%, doubling guidance of 15% last month. Equities propelled trading revenue up by 8%, exceeding an earlier 2% forecast.
Chief Financial Officer, Jeremy Barnum said, “These earnings are consistent with the soft landing narrative. In light of the positive momentum throughout the year, we’re optimistic about our pipeline for mergers and acquisitions.
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