The Federal Reserve has been adjusting rates and watching inflation as it attempts to pull off an elusive "soft landing" for the economy. On Friday, an exec at the nation's biggest bank said the central bank appears to have pulled it off and avoided a recession. After JPMorgan Chase reported higher earnings than expected for the third quarter amid lower inflation and continued growth, Chief Financial Officer Jeremy Barnum spoke to reporters.
- "These results are consistent with a soft landing," he said, reports the Wall Street Journal. "That's pretty consistent with this kind of Goldilocks economic situation."
Wells Fargo also reported better-than-expected results, adding to a hopeful mood on Wall Street, notes Yahoo Finance. Of course, the outlook wasn't entirely rosy:
- "While inflation is slowing and the US economy remains resilient, several critical issues remain, including large fiscal deficits, infrastructure needs, restructuring of trade, and remilitarization of the world," said JPMorgan chief Jamie Dimon, per CNBC. He particularly raised concerns about what he sees as the world's worsening geopolitical situation, especially in Ukraine and the Mideast. "There is significant human suffering, and the outcome of these situations could have far-reaching effects on both short-term economic outcomes and, more importantly, on the course of history," he said.
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