"Markets Have Always Been Wrong" - Jamie Dimon Warns QE's End Will Cause Volatility To Spike

www.zerohedge.com | 9/14/2017 | Staff
MysticHeart (Posted by) Level 3
JP Morgan Chase & Co. CEO Jamie Dimon’s declaration that he would fire any JPM traders whom he knew were trading bitcoin unexpectedly ranked among the most popular stories on several respected financial media websites – despite stiff competition from Apple Inc.’s 10th anniversary product launch.

Given what’s transpired in the bitcoin market over the past few days (See “Chinese Bitcoin Trading Soars As Local Exchanges Deny Crackdown Reports”), its unsurprising that Dimon, who spoke publicly at an industry conference hosted by Barclays before sitting for an interview with Andrew Ross Sorkin at Institutional Investor’s Delivering Alpha conference, managed to break through the noise with his comments. During the earlier appearance, he warned investors that J.P. Morgan Chase & Co. trading revenue was on track to fall 20% year-over-year during the third quarter – echoing a similarly downbeat outlook delivered by Citigroup CFO John Gerspach the day before. Dimon’s revelation sent JPM stock tumbling off its highs of the day.

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Jamie Dimon: There's a huge vacuum if business isn't involved in policy from CNBC.

Perhaps it’s understandable, then, that reporters ignored some of the bank CEO’s more prosaic-sounding comments, writing them off as too boring to print. However, in both of his public remarks, Dimon reiterated his view that the coming unwind of the Federal Reserve’s $4.5 trillion balance sheet, and the subsequent “normalization” of interest rates, would revive volatility across markets. Investors, Dimon said, should “hold on to their hats.”

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Something strange is going on in the financial system. And according to The Wall Street Journal, it’s causing some investors to move massive amounts of money out of the banking system.

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Why? Because, as Dimon explains, global central banks have purchased $12 trillion in assets since the crisis, supporting much of the global cross-asset rally. So logically,...
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