Jamie Dimon: US economy can grow for another two years

By Business LeadersFOXBusiness

JPMorgan's Dimon: The US will be okay

JPMorgan Chase CEO Jamie Dimon on buybacks, the bank's growth outlook, the markets, the yield curve and the outlook for the global economy.

Jamie Dimon, the CEO of JP Morgan Chase, America’s biggest bank by assets, doesn’t see a U.S. recession coming this year.

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“I think the United States is going to be ok,” he said during an exclusive interview with FOX Business’ Maria Bartiromo. “I could be wrong, we don't predict that, it's not how we run the company. We're going to serve our clients regardless of the economy. We want to be there in bad times for our clients.”

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Dimon believes the volatile fourth quarter of 2018, was a “huge overreaction” to concerns about trade and the government shutdown.

Last week JP Morgan Chase reported a record first-quarter profit and revenue which Dimon attributed to strong consumer and corporate confidence.

“What we see in the U.S. is that the American consumer, their balance sheet, their incomes are strong, not weak. Most people are going back to the workforce, which is a good thing.  Companies are in very good shape, profits are good, capital expenditures are still going up, business and consumer confidence are at high levels, housing is in short supply.  So it’s kind of a tailwind.”

Dimon also said the Fed “did the right thing” by putting the interest rate on pause and time is needed “adjust to a little bit of” a slump.

“To us it seems like it’s just a little slowdown,” he said. “Other than trade, I’m not sure what’s going to stop it in the next year or two.”

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Although Dimon is preparing for potential headwinds, the U.S. economy could be in “a pretty good environment for a while.”

“Of course one thing will stop it one day, geopolitics, some geopolitical trauma or some terrible event somewhere or maybe -- maybe we do have too much growth and inflation,” he said. “But you don’t see that today and there’s no law that says we won’t have growth for another couple years.”

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