Jimmy Damon, CEO of JPMorgan Chase (JPM), said that the new definitions of the Trump administration will produce short -term hypertrophy and “slow growth”, but whether it causes stagnation “still question.”
He made statements in A new shareholding message from 59 pages On Monday, when he warned of many aspects of uncertainty about overwhelming commercial policies on investments, capital flows, and the confidence of the American companies and the dollar.
“We are no longer in Kansas,” said Damon in a section on the state of the economy entitled.
“In the short term, I see this an additional additional straw on the back of the camel.”
Jimmy Damon, CEO of JPMorgan Chase, leaves the American Capitol after a meeting with the Republican LawamkWers in February. (Tom Williams/CQ-Roll Call, Inc via Getty Images) ·Tom Williams via Getty Images
Some of the largest names in Wall Street are issued new warnings about the effect of what may be the most group of tariffs in more than 100 years, a development that shakes markets and raises some of the world’s largest investors.
On Sunday, billionaire Bill Akman, who supported Trump during the campaign, called on the president to pressure the drivers for 90 days.
“I think a firm belief that the launch of the definitions on April 9 against the entire world – he greatly exceeds what we bear – a mistake,” said on X. Ackman runs Pershing Square Holdings (PSHzf).
Another billionaire investor, Stanley Drokinseller, Books on x This “I do not support the tariffs that exceed 10 %.” Druckenmiller, a long -term Republican, used to oversee the current Treasury Secretary Scott Beesen when both were in the hedge fund in George Soros.
Another vote came from caution, former CEO of Goldman Sachs (GS) Lloyd Blanchevin, who suggested that X to get the president a “mutual” piece of definition for a six -month definition.
“Take the victory! Bruise said he will make us tired of winning … I’m there now!”
On Friday, Michael Felly, the chief American economist at JPMorgan, became the first main researcher at Wall Street to predict the recession this year. Feroli attributed the call to “the weight of definitions”.
In his message, Damon stopped staging, but pointed out that what was a healthy economy “was weakening” before the announcement of the Trump tariff.
He also asked about the source of “exceptional economic performance” in the country over recent years, saying at least, “Part of this performance is driven by the extraordinary deficit and the quantitative mitigation that has occurred” since “Covid-19.”
At the same time, he praised some international economic alliances that appeared in the aftermath of World War II, and pointed out that his “most dangerous concern” with the customs tariff “is how this will affect the long -term economic alliances.”
He added: “If the military and economic alliances in the Western world may exceed, then America itself will inevitably weaken over time.”
In the short term, Damon said to expect high prices. “We are likely to see inflationary results” of definitions, “not only on imported goods but on local prices, with high input costs and increased demand for local products.”
He added that the economy will slow down. “If the list of definitions that cause stagnation is still a question or not, but it will slow down.”
JPMorgan’s shares fell on Thursday and Friday with the rest of the large banks, and it is scheduled to fall again on Monday. Now 27 % of the peak February 19.
The largest American banking industry (^BKX) has decreased by 15.5 % on Thursday and Friday, which is the worst performance for two days since March 2020.
NYSE – QUIIDE Quote•US dollar
Near: April 4, 4:00:02 pm EST
Jpm^ BKX
On Friday, Jpmorgan will lead the results of the first quarter with the start of the banking profit season. Investors will want to hear how the induction uncertainty affects some of the largest companies in Wall Street as hopes for subscribing to subscription, shaking the integration and taking into account the test.
CEOs at JPMorgan, Goldman and Bank of America are studying, as a result, reviewing their revenues for their consulting work, according to Bloomberg.
Large banks will be tested in other ways if market monitors are right about the growing chances of the United States’ recession and high inflation, because both will create new challenges for lenders and their agents.
Dimon used its message to clarify a number of other topics – including how to improve taxes, education, health care and retirement systems in the United States as well as the country’s need for continuous infrastructure investments and housing at reasonable prices, as well as some administrative advice.
But he did not provide any new guidance about when he plans to retire. He told analysts in January that his basic case was a few years old managing the country’s largest bank.
However, Damon indicated that it is far from perfection. He said he made some big mistakes in his career, including the story of the London whale in JPMorgan, where the company lost billions in 2012.
Trump was not mentioned in his message, even while discussing his policies. Damon avoided supporting any presidential candidate last year, although he was in a regular dialogue with close consultants of Trump and former Vice President Kamala Harris.
“There are two essential things at all for the long -term success of Jpmorganchase: The first is whether we manage a wonderful and perhaps more important company, whether America’s health is long -term, locally, and the future of the free and democratic world is strong.”
David Hollerith is a great correspondent for Yahoo financing that covers banking, encryption services and other areas of financing.
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