America’s Banker” just penned his annual letter to JPMorgan shareholders. We think of it as Jamie’s State of the Union.
Dimon’s got a lot on his mind, and to him at least, it’s all connected. While Dimon calls the American economy “resilient,” he laments that it’s being “fueled by large amounts of government deficit spending and past stimulus.” Meanwhile, rising healthcare costs, an overhauled global trade order, military conflict, and a shift to green energy point to economic disruption — and will likely require more government spending. The upshot: “stickier inflation and higher rates than markets expect.”
Dimon’s got a lot on his mind, and to him at least, it’s all connected. While Dimon calls the American economy “resilient,” he laments that it’s being “fueled by large amounts of government deficit spending and past stimulus.” Meanwhile, rising healthcare costs, an overhauled global trade order, military conflict, and a shift to green energy point to economic disruption — and will likely require more government spending. The upshot: “stickier inflation and higher rates than markets expect.”
