WASHINGTON—Jamie Dimon, CEO of JPMorgan Chase & Co, published his closely watched annual letter to shareholders on April 4, covering critical issues including the war in Ukraine, the energy crisis, sanctions, inflation, and interest rates.
Here are five of the key takeaways from the letter:
The US Economy Is Still Strong
Dimon has long been bullish on the U.S. economy and repeated that message in his letter, noting the average American consumer is “in excellent financial shape” with leverage among the lowest on record, excellent mortgage underwriting, plentiful jobs with wage increases, and more than $2 trillion in excess savings.Inflation Will Require Aggressive Rate Hikes
The Federal Reserve and the government were right to take bold actions amid the pandemic, but stimulus probably lasted too long, said Dimon. He believes the rate rises needed to rein in inflation would be “significantly higher than the markets expect.”
