He bluntly said “that’s life” and added that the fact that we are even talking about inflation is a good thing because it is a sign that the worst of the Covid-19 pandemic, despite the fears of the Delta variant, could soon be finished.
“We should all be thanking our lucky stars,” Dimon told reporters of his hope that the United States could soon reach a milestone in Covid-19 cases.
Dimon even dismissed concerns about all the headlines about supply chain disruptions from the pandemic.
“There’s a very good chance that in a year we won’t be talking about supply chains at all,” Dimon said.
The banks have taken advantage of hopes that the Federal Reserve will soon start cutting or cutting its bond purchases. This should lead to higher long-term interest rates, which would boost lending profits for banks.
JPMorgan Chase CFO Jeremy Barnum told reporters loan growth is starting to accelerate and credit quality remains strong. He said these trends are expected to continue as “we approach what we hope will be the end of the pandemic.”
But Barnum didn’t seem worried about the possibility of higher rates slowing the scorching real estate market. He said on the press call that while rising rates could lead to a slowdown in mortgage refinancing, this year is still expected to be the biggest year on record for new home loans.
“The impact of the lower and higher rates should not be a major concern for the housing market,” Barnum said. But he noted that soaring house prices are making it harder for many to afford a home.
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