When Jamie Dimon speaks, Wall Street listens

Good morning For all but the rapidly approaching debt ceiling. Phil Rosen here.

Over the past week, so-called “History X” defaults in the US have dominated conversations and headlines, with warnings of Janet YellenAnd Goldman SachsAnd Senior executives.

But on Thursday, The sexiest man on Wall Street Share his opinion on the potentially catastrophic scenario with only weeks left.

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Jamie Dimon

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1. Everyone pays attention when Jamie Dimon talks. Yesterday he said there was potential for widespread panic If lawmakers don’t get their act together Closing a debt deal.

This panic “affects contracts, collateral, clearinghouses and customers,” according to the JPMorgan CEO, now the only major bank chief who was around in 2008 and is still in the game today.

In an interview with Bloomberg, Dimon said He’s set up a “war room.” In JPMorgan to plan for contingency about the possibility of default in the United States.

He said his team currently meets once a week, but they could soon meet three times a day if people are in Washington. They continue to slow down in negotiations.

While Damon does not expect the country Already seeing his first-ever virtual debut, he admitted the clock was running out.

He said, “Whenever you get close to him, you’ll panic.” “Markets will become volatilePerhaps the stock market will go down, and the treasury markets will have their own problems.”

Dimon, whose bank earlier this month bought the assets of The first republic failedHe said things should never happen this way, and No disturbance in America It affects markets all over the world.

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As far as the banking crisis goes, Dimon said it was time for regulators to put an end to the chaos — but he still expected policymakers to take the wrong lessons going forward.

“I think it’s only going to get worse for the banks,” he said. “More regulations, more rules and more requirements. If you Exaggeration of some rules, requirements and regulations There are some of these community banks that tell me they have more compliance people than loan officers.”

Not only bank executives should be to blame, but so should the regulators Looking in the mirror tooDamon’s point of view.

Here’s how to put it:

“I think there should be humility on the part of the regulators. They should look at it and say, ‘Well, we were a little bit part of the problem’ rather than just pointing fingers.”

What do you think of the JPMorgan chief’s latest comments? tweet me (@employee) or email me ([email protected]) to let me know.

In other news:

mother and daughter walking near & # 39;  for sale & # 39;  Signboard.

A mother and daughter walk past a “For Sale” sign.

Homebuyers are returning to the US housing market with lower mortgage rates.Scott Olson/Getty Images

2. US stock futures rose early on Friday, Investors await the release of preliminary consumer confidence data, which is due later this morning. Meanwhile, Tesla shares rose after Elon Musk announced this I found a new CEO at Twitter. to the latest market movements, click here.

3. Earnings on Deck: Allianz and Olympus Corp. And more, everything reports.

4. A hedge fund manager shared how he leveraged GPT-4 to inform his best stock picks. He said it’s not about one or two prompts, but rather how you navigate through each prompt with follow-up questions. Here are six notes from his AI experiments.

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5. A Zillow economist said home sales could collapse 23% if the US defaulted. The so-called “History X” is approaching the debt ceiling, and the housing market will feel the burn if a solution is not found. The unprecedented event would cause a “major negative shock” and a “deep freeze” on housing.

6. Fundstrat’s Tom Lee said the bull situation for stocks is alive and well. He explained that parts of the economy are experiencing an “outright contraction” – This could lead to a sharp drop in prices that would boost inventories.

7. South Africa’s currency is hovering near a record low. The US has just accused the country of secretly selling weapons to Russia, with the US ambassador saying “we don’t consider this issue resolved”. Get the full details.

8. What is a credit crunch? Credit Suisse’s chief US economist told us why fears of a sharp downturn in lending are magnified. In addition, he broke his view of why the US economy is in a good position to avoid a recession.

9. Personal Finance Expert “The Budgetnista” Share the two financial mistakes that keep people from building wealth. I explained how you can select Whether you are on the right track.

Microsoft stock price as of May 12, 2023

Microsoft stock price as of May 12, 2023

Markets Insider

10. Microsoft is a stock to buy because it leads the race in the AI ​​arms race. This is according to Wedbush who said The tech giant’s early move to OpenAI and ChatGPT gave it an edge over Alphabet.

Curated by Phil Rosen in New York. Feedback or tips? tweet @employee or email [email protected].

Edited by Max Adams (@employee(in New York and Hallam Pollock)@employee) in London.

Read the original article at Business interested

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