Jamie Dimon Says, the USA is Headed for Highest Economic Growth in Decades

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Jamie Dimon expressed that the USA is in the direction for the best economic development in decades.

Dimon expressed during the 40th Annual J.P. Morgan Healthcare Conference, “We’re going to have the best growth we’ve ever had this year; I think since maybe sometime after the Great Depression. Next year will be pretty good too.”

Dimon is the CEO and Chairman of JPMorgan Chase. He expressed his confidence arises from the strong balance sheet of the US consumers.

Dimon said, “The consumer balance sheet has never been in better shape; they’re spending 25% more today than pre-Covid. Their debt-service ratio is better than it’s been since we’ve been keeping records for 50 years.”

Dimon expressed that growth will come even if the central bank increases interest rates more than investors anticipate.

Dimon said, “It is possible that inflation is worse than they think and they raise rates more than people think. I would be surprised if it’s just four increases.”

Banks prosper in rising-rate situations since their lending margins increase as rates increase.

Dimon added, “The market is different. We’re kind of expecting that the market will have a lot of volatility this year as rates go up and people kind of redo projections. If we’re lucky, the Fed can slow things down and we’ll have what they call a ‘soft landing’.”