Comments from the JPM leader.
- SVB did a lot of things on the micro level in terms of customer service
- In every app and every database, you will be applying AI
- The consumer is still in good shape, they still have more money than before covid
- Credit is not deteriorating
- Worried about two storm clouds: 1) Fiscal spending is highest in peacetime ever; we've never had QT before and he's not sure sure it will be insignificant 2) All the longer-term metrics around demographics and green transition are inflationary
- I'm not predicting, I'm just saying be prepared for it
- JPM can handle 2%, it can handle 7%
- We may have a soft landing, we may have a hard landing; the worst outcome would be stagflation
Previously, Dimon has been warning about the US consumer drying up but he's changed his message and is more optimistic. He's salted that in with some longer-term inflation worries.