SPY - Jamie Dimon Warns Of Stickier Inflation Higher-Than-Expected Rates After JPMorgan Notches Up Record Annual Profit: 'Significant...Somewhat Unprecedented Forces Cause Us To Remain Cautious' | Benzinga
Financial services giant JPMorgan Chase & Co. (NYSE:JPM) reported a fourth-quarter beat and a record quarterly profit, sending its shares higher in premarket trading on Friday. CEO Jamie Dimon, meanwhile, issued a cautious commentary about the economy in the earnings release.
What Happened: Discussing the current state of the economy, Dimon said, “The U.S. economy continues to be resilient, with consumers still spending, and markets currently expect a soft landing.”
He also singled out the risks facing the economy. “It is important to note that the economy is being fueled by large amounts of government deficit spending and past stimulus,” he said. The U.S. debt is trending at a staggering $34 trillion and is expected to explode to the upside in the near- to medium-term.
The industry ...