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JPMorgan’s Doing Fine, If You Were Wondering
Remember: Volatility's a boon if your business (or one of your businesses) is facilitating trades.
"Clients were active," Jamie Dimon said Wednesday, when JPMorgan unveiled a set of results that included a sizable FICC beat, which in turn drove a 21% gain for the bank's markets division.
JPMorgan thanked a lively quarter in credit and currencies, as well as an uptick in emerging market-related trading for $5.01 billion of FICC revenue. That was easily ahead of the $4.37 billion consensus.
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Speaking of a fool’s errand, how can anyone accurately predict trading revenue? Unless they have an internal source of information …
Prediction = Guess
Those NII numbers always blow me away. “And here’s how much money we make just by having money. It’s just under a tenth of a trillion dollars a year. Thank you, drive through.”
Yeah, maybe I’m still missing something, but with interest rates at 5%, are we really taming inflation? I’m not terribly bright, but if I’m reading my FRED charts correctly, the US government is paying out over a trillion dollars of interest every quarter which is about $500B more per quarter than the interest paid during and prior to the pandemic. Isn’t that basically $2T of stimulus per year?
Anyone have any data on how much additional interest expense are corporate and individual borrowers paying as a result of higher rates? The only way I see out of this is either crashing the economy (certainly a possibility when Republicans are in charge) or raising taxes (never going to happen).