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JPMorgan Chase CEO Jamie Dimon expressed confidence about the future of the American economy despite the recent banking crisis that gripped the nation and his pessimistic comments last year.
Dimon, regarded as one of the most powerful investment bankers on Wall Street, wrote in his annual shareholder letter that elevated consumer spending and the massive savings that households accumulated during the lockdown-induced recession are likely to produce a strong economy in the near future, notwithstanding the market volatility of the past year.
“Unemployment is extremely low, and wages are going up, particularly at the low end,” the executive wrote. “Even if we go into a recession, consumers would enter it in far better shape than during the great financial crisis. Finally, supply chains are recovering, businesses are pretty healthy and credit losses are extremely low.”