JPMorgan CEO Jamie Dimon warns inflation and interest rates may stay higher for longer than expected

Economic Outlook - JPMorgan Chase CEO Jamie Dimon warned that inflation and interest rates may remain elevated for longer than anticipated due to various inflationary pressures, including large fiscal deficits and global geopolitical tensions [1] - The consumer price index showed a 0.1% decrease month-over-month and a 3% increase year-over-year, marking the slowest annual rate in three years [2] - Federal Reserve Chair Jerome Powell indicated that rate cuts will depend on economic readiness, despite the upcoming presidential election [2] JPMorgan Chase Performance - JPMorgan reported adjusted earnings per share of $4.26, exceeding analysts' expectations of$4.19, with revenue increasing by 20% to $50.99 billion, surpassing expectations of$49.87 billion [3] - The bank generated $2.3 billion in investment banking fees, contributing to its strong quarterly results [3] - Despite positive results, Dimon expressed concerns about socioeconomic risks and the complex geopolitical situation [3] Wells Fargo Performance - Wells Fargo reported adjusted earnings per share of$1.33, above expectations of $1.29, with revenue of$20.69 billion, exceeding analysts' expectations of $20.29 billion [4] - The bank experienced growth in fee-based revenue, which offset a decline in net interest income [4] - Shares of Wells Fargo fell nearly 7$1.52, surpassing expectations of $1.39, with revenue of$20.14 billion, exceeding expectations of $20.07 billion [5] - The bank's equities trading revenue increased by 37$1.5 billion, and investment banking revenue surged by 60% to $853 million [5] - Citigroup's shares fell 2% in early trading, although they are up 20% year-to-date [6]