Bloomberg’s Ed Hammond caught up with JPMorgan Chase Chairman and CEO Jamie Dimon at the JPMorgan Global High Yield and Leveraged Finance Conference in Miami. This is a lot of fear going on from what’s happening elsewhere in the world today. I wonder what your advice is too big corporate customers about how they deal with this. What seems to be a new normal in terms of volatility, whether it’s induced by the fed, whether it’s induced by what’s going on in Ukraine or elsewhere, but basically they’ve got to get used to it, you know?
Dimon replied, “You know, first of all, market volatility is not the same thing as the economy and the economy looks like it would be pretty strong for a while. Obviously, there are things going to upset that apple cart, you know, market volatility, unlisted affects the economy. Most people don’t care, they don’t pay that much attention to it.”
He continued, “I think you will never know. A lot of market volatility, both from, you know, the bi-partisan lack of bipartisanship, you know, the reversal QE to QT. That’s a very complex thing, rising rates, you know, the market’s already kind of high, which makes it. So I think there’s kind of a normal state of affairs.I tell most people, I worry about serving my customer. I want to be for these customers day in and day out. I’ll deal with the market volatility. Like the. Well, that’s fine because there’s do worry about volatility because it changes their ability to make clear decisions over a time horizon. I think very few do actually.”
Dimon clarifies, and I mean, I think, you know, confidence is not driven because the market volatility is rule of law is as a country going to grow and stuff like that. So you know, some people react to market volatility. If it starts to affect the economy like capital investment consumer, you know, real consumer COVID, then the federal price down. And, you know, they don’t want to do that. But my, my view is to build the business for the long run. You know, you’re going to have some tough times. That’s, that’s where we all.”