Market Call: Stop The World —We Want To Get Off!

On December 23, 1776, Thomas Paine famously opined: "These are the times that try men's souls." He did so in an article titled, "The Crisis." On Friday, JPMorgan Chase CEO Jamie Dimon kicked off Q3's earnings season with a stern warning to investors: “Now may be the most dangerous time the world has seen in decades,” he wrote in the company’s report. Nevertheless, the world’s largest bank beat analysts’ expectations last quarter.

Dimon has been sounding the alarm since May 2022 about a consumer-led recession. A couple of weeks ago, he said that interest rates could rise to 7%. Now he is concerned about the wars in Ukraine and the Middle East and their potential inflationary consequences. Too much government debt is also on his worry list. These are all valid concerns.