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Macro Takeaways From US Earnings (Cont):

EQUITIES
  • JPM's Dimon writes that the US economy continues to be resilient, with consumer balance sheets remaining healthy. They add that consumers are spending, albeit a little more slowly.
  • They identify the risks as consumers slowly using up their cash buffers, core inflation being stubbornly high, quantitative tightening, large fiscal deficits and the war in Ukraine.
  • On home lending, JPM revenue was down 23% excl. First Republic, driven by tighter spreads, lower servicing revenue and lower production revenues.
  • JPM earnings call to begin at 0830ET, call link here: https://event.webcasts.com/starthere.jsp?ei=162072...
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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