US poised for the best economic growth in decades: Jamie Dimon

US poised for the best economic growth in decades: Jamie Dimon

“The consumer balance sheet has never been in better shape; they’re spending 25% more today than pre-COVID. Their debt-service ratio is better than it’s been since we’ve been keeping records for 50 years.”





January 11, 2022 / 08:28 AM IST





Jamie Dimon, the chairman and CEO of JPMorgan Chase, believes that the US is headed for the best economic growth in decades.

During the 40th Annual J.P. Morgan Healthcare Conference, the American billionaire businessman said, “We’re going to have the best growth we’ve ever had this year, I think since maybe sometime after the Great Depression.”

“Next year will be pretty good too,” CNBC quoted Dimon as saying..

According to Dimon, the confidence stems from the robust balance sheet of the American consumer. “The consumer balance sheet has never been in better shape; they’re spending 25% more today than pre-COVID. Their debt-service ratio is better than it’s been since we’ve been keeping records for 50 years,” Dimon said.

He believes, even if the Fed raises interest rates more than what investors expect, there will be growth. Goldman Sachs economists expect four rate hikes this year. “It’s possible that inflation is worse than they think and they raise rates more