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JPMorgan Chase CEO Jamie Dimon on Tuesday stated that whereas the U.S. financial system has stayed sturdy by way of the second quarter of this 12 months, there stay potential obstacles to the financial outlook.
Dimon stated that the “U.S. economy has remained resilient” and famous that whereas there are potential boosts coming from the enactment of Republicans’ tax and spending package deal, different headwinds might dampen the financial outlook going ahead.
“The finalization of tax reform and potential deregulation are positive for the economic outlook. However, significant risks persist — including from tariffs and trade uncertainty, worsening geopolitical conditions, high fiscal deficits and elevated asset prices,” Dimon stated Tuesday.
Dimon stated that JPMorgan tends to be measured when it makes projections because of the previous crises that emerged and caught many off guard.
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JPMorgan Chase CEO Jamie Dimon stated that whereas the US financial system is resilient, there are a variety of potential dangers to the outlook. (Hollie Adams/Bloomberg through Getty Photographs / Getty Photographs)
“Our forecasting of the future is very complex. You probably heard me say that sometimes it’s a complete waste of time. Most people cannot really pick inflection points,” he defined.
Ticker Safety Final Change Change % JPM JPMORGAN CHASE & CO. 286.30 -2.39
-0.83%
The CEO of the nation’s largest financial institution additionally mentioned President Donald Trump’s dispute with the Federal Reserve and its management.
Trump has repeatedly referred to as for the Fed to chop rates of interest, mocking Federal Reserve Chair Jerome Powell with derisive feedback and publicly mulling an effort to fireside him.
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Dimon warned towards the Trump administration trying to oust Fed Chair Jerome Powell. (Qilai Shen/Bloomberg through Getty Photographs / Getty Photographs)
The president has stated he will not try to fireside Powell, which he lacks the authorized authority to do aside from trigger, although his allies have instructed a renovation venture on the Fed’s headquarters that has skilled price overruns might present trigger for an tried termination.
“The president said he’s not going to try to remove Jay Powell,” Dimon instructed reporters on a convention name. “The independence of the Fed is absolutely critical, and not just for the current Fed chairman, who I respect, but for the next Fed chairman.”
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“Playing around with the Fed can often have adverse consequences, absolutely the opposite of what you might be hoping for,” Dimon added.
Reuters contributed to this report.
