[04/09/24] Dimon Offers Wary View of U.S. Economy

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JP Morgan Chase CEO Jamie Dimon on Monday offered his latest wary view on the U.S. economy’s prospects.

In his annual letter to shareholders, Dimon suggested that interest rates could climb over 8% and suggested that markets were being overly optimistic that the economy would achieve a hoped-for soft landing of moderate growth without retriggering crippling price gains.

He noted that “equity values, by most measures, are at the high end of the valuation range, and credit spreads are extremely tight.”

“These markets seem to be pricing in at a 70% to 80% chance of a soft landing—modest growth along with declining inflation and interest rates,” he wrote. “I believe the odds are a lot lower than that.”

Dimon has been a regular doubter about the economy even as many analysts and investors grew rosier in the latter part of 2023 (a stance that has lessened more recently amid sticky inflation data). In January he told Fox Business that he was “skeptical” of an economic “Goldilocks scenario.”

By James Rubin

Below is a roundup of the key developments in the ETF industry for the seven-day period ending April 5, 2024:?

ETF Inflows Surged in Q1 as Stocks Hit Records Inflows jumped to their highest in this first quarter since Q1 2021.

ETF Spotlight: SLV Surfing Silver’s Wave in 2024 Silver’s price is outpacing gold and the S&P 500 index in 2024.

SEC Seeks Public Comment on Spot Ethereum ETFs The agency asked for comments about products proposed by BlackRock, Bitwise and Grayscale Investments.

Cboe Files to List ETF Share Classes of Mutual Funds The filing sets a 240-day timeline for the SEC decide on the rule change.

Kristen Capuano on How Cryptocurrency Changed ETF Marketing The social media platform X has played a pivotal role in engaging with investors.

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ADVISOR UPSIDE PODCAST

Jim Crider describes the global monetary system as “broken” and at risk of a host of scary meltdown scenarios. And while the Austin, Texas-based advisor believes spot bitcoin ETFs are a nice way to ride the price appreciation of the digital currency, they still fall well short of providing people with the full benefits of owning bitcoin directly.

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