“It’s as good as it’s ever been,” he said on an earnings call with analysts after the company released fourth-quarter results Thursday morning. “Obviously it’s going to get worse.”
Mr. Dimon said he wasn’t ready to forecast a recession, but said the latest data suggest the economy is near the top of a cycle and could trend downward soon.
J.P. Morgan Chief Financial Officer Marianne Lake said there have been upgrades and downgrades of a number of companies across sectors but nothing thematic yet.
Mr. Dimon said the economy “still looks okay,” citing 2% to 2.5% growth for the last five years, roughly 5 million added jobs, and boosts in household formation, car sales and wages.
But he added that there are big changes globally and the market is adjusting to China’s declines and falls in commodity prices.
“Hopefully this will all settle down and is not the beginning of something bad,” he added.
No comments:
Post a Comment