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Jamie Dimon says worst of pandemic may be over soon

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Dimon said he was not worried about the possibility of inflation rising over the next few months during a call with reporters about JPMorgan Chase’s third quarter results on Wednesday.

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.

However, the problem is currently a major headache for retailers and shippers. President Biden even meets with leaders of Walmart (WMT), Target (TGT), FedEx (FDX) and UPS (UPS) Wednesday to talk about it.
Jamie Dimon takes on bitcoin again, calling it
Dimon also ignored concerns about the growing number of people leaving their jobs, noting that workers’ wages are rising, which is good for the economy.
Investors seem less optimistic, however. JPMorgan Chase (JPM) stocks 2% Wednesday morning … although they remain up almost 30% so far this year.
Shares of major banking rivals Citigroup (VS), Bank of America (BAC), Wells fargo (WFC), Goldman Sachs and Morgan Stanley also all jumped this year. These banks will each release their third quarter results later this week.

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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