Dimon: Don’t fear correction; Trump awakened “animal spirits”
CEO of JP Morgan, Jamie Dimon, has been an outspoken advocate of President Trump’s economic agenda. Now, he has told Bloomberg TV that this agenda has “ignited” consumer and business confidence, that he expects at least some of it to be enacted, and that he’s not worried about a correction in equity markets.
Dimon said of Trump: “it seems like he’s woken up the animal spirits”. He also said that confidence has “skyrocketed because it’s a growth agenda” that Trump is pursuing. Last month he offered the opinion that some of Trump’s pro-business policy suggestions – overhauling taxes and regulations, and committing to infrastructure investment – had the potential to ensure a bright future for the U.S., saying:
“If he gets it done, even part of it, it will be good for growth, good for jobs, good for Americans. I’m really confident that he will get that done.”
Dimon also approves of the people Trump has enlisted to help with his administration’s economic policies. Amongst them is Gary Cohn, former president of Goldman Sachs Group Inc. and now director of the National Economic Council and top Trump advisor.
“If you look at the policy, forget the tweets, look at the people on the ground, they’re top professionals. Serious people, with deep knowledge and deep experience -- and their mission is to have a growth agenda. And that agenda is reducing corporate taxes; starting to build infrastructure, which we desperately need; reducing some of the regulatory regime, which has probably held back growth.”
Dimon’s optimism is not just confined to the U.S. either. He is also awaiting a rebound for Europe’s banks, which he claims will be key to the region’s larger economic recovery.
The opinions in this article do not reflect those of Dominion Fund Management Limited, and in the instance of any forward-looking statements, these should not be construed as advice.
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