J.P. Morgan Chase CEO Jamie Dimon predicts that the economic expansion that began after the 2008 financial crisis could possibly endure for as long as the eye can see.
“There may be a confluence of events that somehow causes a recession, but it may not be in 2019, 2020, 2021,” Dimon told analysts during a conference call, CNBC reported.
“If you look at the American economy, the consumer is in good shape, balance sheets are in good shape, people are going back to the workforce, companies have plenty of capital,” Dimon said.
“Some confluence of events at some point in the future will cause a recession,” Dimon told reporters during a separate media call. “I don’t know what those are, nobody knows what those are, and nobody will ever know what they are. If you knew what they were, you would be unbelievably rich.”
Dimon spoke after the bank’s better-than-expected first-quarter earnings raised expectations that rival Wall Street lenders would follow suit when they report next week, pushing most bank stocks higher on Friday.
Shares in JPMorgan (JPM) jumped as much as 4.7 percent in morning trading, touching a more than four-month high before paring some gains.
Morgan Stanley shares were up 3.8 percent and Bank of America Corp rose 2.8 percent. Goldman Sachs Group Inc and Citigroup shares both climbed 2 percent.
JPMorgan is the largest U.S. bank by assets and a bellwether for the U.S economy and financial sector. It reported strong results across its businesses, with Chief Executive Jamie Dimon citing solid U.S. economic growth, moderate inflation and robust consumer and business confidence, Reuters reported.
Even a 10 percent fall in JPMorgan’s trading revenue from a year earlier was viewed as boding well for others, since analysts had been bracing for a bigger drop in fixed-income and equities trading.
“JPMorgan had a positive read-across for trading results in the quarter,” said KBW analyst Brian Kleinhanzl. “We believe FICC (fixed income, commodities and currencies) trading should be a positive read-across to Goldman Sachs and Morgan Stanley.”
Bank stock investors appeared to zero in on JPMorgan and ignore Wells Fargo & Co, the other big bank that reported on Friday.
Wells Fargo reported higher first-quarter earnings but lowered its forecast for net interest income this year, a move that sent its shares tumbling as much as 3 percent.
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