And the market didn't care about this statement
When u think we just passed the turning point, it still suck as before
And it effect even our market
Today mib was + 0.26 after 1630 with wall street going down - 0.92
Can we just cut the cord one day?
The funny thing is if you read Dimon's entire quote he's actually positive to an extent but they lowered a forecast.
There's even a good jobs comment from BLS they said available job openings is slightly lower in April than originally reported(surprise not) and that means it's actually a good thing as there's less labor pressure(to find labor). Overall Dimon's comments are negative but he ends with what's actually still quite positive
"Dimon said at JPMorgan’s investor day in May that there were “storm clouds” looming over the US economy, but he said he’s since updated that forecast given the challenges faced by the Federal Reserve as it attempts to rein in inflation. “Right now it’s kind of sunny, things are doing fine, everyone thinks the Fed can handle it,” Dimon said.
Shares of the company dropped 1.8% to $129.81 at 11:21 a.m. in New York after Dimon’s remarks on the economy, extending this year’s decline to 18%.
JPMorgan economists last month lowered their growth outlook for the second half of 2022 to a 2.4% rate from 3%, for the first half of 2023 to 1.5% from 2.1% and for the second half of 2023 to 1% from 1.4%. They cited falling stock prices, higher mortgage rates and a stronger dollar relative to trading partners.
Dimon said Wednesday that JPMorgan is preparing for that turbulence by being conservative with its balance sheet.
“I kind of want to shed non-operating deposits again, which we can do in size, to protect ourselves so we can serve clients in bad times,” he said. “That’s the environment we’re dealing with.”
Still, he cited the strength of the consumer, rising wages and plentiful jobs as the “bright clouds” in the economy."
