Related: Rising Interest Rates’ Potential Midterm Impact
Jamie Dimon: ‘Rates Going Up Are a Plus’
J.P. Morgan Chase CEO Jamie Dimon reaffirmed the strength of the economy, citing a robust labor market among a host of other factors and also noting that higher interest rates are on the horizon.
“The economy is still very strong, and that’s across wages, job creation, capital expenditure, consumer credit; it’s pretty broad-based and it’s not going to be diminished immediately,” said Dimon said in a media conference call after J.P. Morgan’s earnings report. “I was pointing out the probabilities that I thought were higher that rates would go up. I still believe that. I do think you’re going to see higher rates.”
J.P. Morgan Chase reported that its third-quarter profit rose by 24% compared to a year ago, helped by the U.S. President Donald Trump administration’s tax cuts. In addition, net income was $2.34 a share, which beat estimates of $2.26 per share.
Furthermore, Dimon viewed rising rates as a positive for the economy and dismissed Trump’s latest criticisms of the Federal Reserve regarding rate hikes as standard fare for all presidents.
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