Jamie Dimon says economic boom fueled by deficit spending, vaccines could ‘easily run into 2023’

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Jamie Dimon is bullish on the U.S. economy – at least for the next few years. Dimon, the long-serving JPMorgan Chase CEO and chairman, sees strong growth ahead for the world's biggest economy, thanks to the U.S. government's response to the coronavirus pandemic that has left many consumers flush with savings, according to his annual shareholder letter. "I have little doubt that with excess savings, new stimulus savings, huge deficit spending, more QE, a new potential infrastructure bill, a successful vaccine and euphoria around the end of the pandemic, the U.S. economy will likely boom," Dimon said in the letter.

"This boom could easily run into 2023 because all the spending could extend well into 2023." Dimon, who managed JPMorgan through the 2008 financial crisis, helping create the biggest U.S. bank by assets, pointed out that the magnitude of government spending during the pandemic far exceeds the response to that previous crisis. The longer-term impact of the reopening boom won't be known until...read more...