Highlights from the earnings call
US interest rates should be around 4%
Jerome Powell is "doing an excellent job"
Economy is still very strong
US administration should be aggressive, sees an eventually deal with China
People should be prepared for rates to go higher "we need that"
He's upbeat and sounds like he's preparing for a continued rise in yields. Of course, higher rates will also help JPMs bottom line.
Here's the full quote:
Separately, Citigroup shares are leading the way in the pre-market, up nearly 3%. The company said there could be a slight increase in credit card delinquencies in the coming years but that it would still be well under control.