NEW YORK: The annual letter to shareholders by JPMorgan Chase CEO Jamie Dimon was published early Wednesday. The letter, which is widely read on Wall Street, is not just an overview of the bank’s business but also covers Mr Dimon’s thoughts on everything from leadership lessons to public policy prescriptions.
A combination of excess savings, deficit spending, vaccinations and “euphoria around the end of the pandemic”, Mr Dimon wrote, may create a boom that “could easily run into 2023”, report agencies.That could justify high stock valuations, but not the price of US debt, given the “huge supply” soon to hit the market. There is a chance that a rise in inflation will be “more than temporary”, he wrote, forcing the Federal Reserve to raise interest rates aggressively. Mr Dimon cited competition from an already large shadow banking system and fintech companies, as well as “Amazon, Apple, Facebook, Google and now Walmart”.