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1 week ago
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Source: AFP
JPMorgan Chase CEO Jamie Dimon said Friday that US Treasury bonds remained a harmless spot successful an unpredictable satellite arsenic helium warned of "considerable turbulence" facing the economy.
The large US slope reported higher quarterly profits successful results overshadowed by upheaval successful fiscal markets arsenic equity markets person churned amid gyrations successful the US Treasury marketplace and a falling US dollar.
US enslaved yields were up again aboriginal Friday, indicating weaker request for US Treasuries, agelong considered a harmless haven asset.
Dimon rejected the conception that US Treasuries were nary longer a haven, but acknowledged an interaction from caller marketplace volatility.
"It does alteration the quality a small spot from the certainty constituent of view," Dimon said successful a league telephone with reporters.
"But it doesn't instrumentality distant the information that if you're going to put your money successful something, America is inactive a pretty, beauteous bully spot successful this turbulent world."
The volatility successful the Treasury marketplace has been accompanied by a driblet successful the US dollar that analysts property to a weakening US economical outlook and to questions astir President Trump's fluctuating commercialized policy.
Dimon's comments came arsenic the elephantine US slope reported first-quarter profits of $14.6 billion, up 9 percent from the year-ago level successful results that topped expert expectations.
Revenues were $45.3 billion, up 8 percent.
The lender had a dependable show crossed businesses, with the biggest profits coming from its firm and concern bank.
Equity markets revenues soared 48 percent arsenic the slope pointed to an particularly beardown show successful derivatives "amid elevated levels of volatility," JPMorgan said successful a property release.
The slope besides scored higher revenues successful trades connected to involvement rates and commodities.
Bank officials said they had not seen signs of a steep alteration successful user behaviour owed to tariffs. But they said determination had been immoderate determination by consumers to "pull forward" spending connected immoderate items up of tariffs.
Becoming much cautious
Dimon reported proceeding "anecdotal" grounds that companies are becoming much reticent astir deals.
Dimon is proceeding that radical "are being precise cautious astir investment," helium said. "What you spot successful the existent information coming forward, I don't know."
Dimon successful caller days has warned of an accrued hazard of recession owed to Trump's assertive commercialized policy, with China responding to Trump's latest tariff hike with an escalation of its own.
In an net property release, Dimon described the system arsenic "facing sizeable turbulence (including geopolitics), with the imaginable positives of taxation betterment and deregulation and the imaginable negatives of tariffs and 'trade wars,' ongoing sticky inflation, precocious fiscal deficits and inactive alternatively precocious plus prices and volatility." Dimon said.
JPMorgan acceptable speech further reserves of $973 cardinal successful lawsuit of indebtedness defaults, a motion that it is preparing for a perchance weaker economy. Overall provisions roseate 75 percent from the year-ago level.
The further reserves bespeak that JPMorgan has adjusted its economical script "to adhd a small spot of downside hazard and summation the uncertainty," said Chief Financial Officer Jeremy Barnum.
Shares jumped 3.2 percent successful aboriginal trading.
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Source: AFP
