Around this time last year, as the coronavirus pandemic began to take hold in the U.S., JPMorgan CEO Jamie Dimon warned that a "bad recession" was looming. Now, thanks to government intervention in the form of the CARES Act and the American Rescue Plan, his outlook is much more hopeful.
Dimon sent an optimistic letter to shareholders on Wednesday, explaining that strong consumer savings, expanded vaccine distribution, and the Biden administration's $2.3 trillion infrastructure proposal should combine to create a booming U.S. economy that could last until 2023, The Wall Street Journal reports. He described the scenario as a "Goldilocks moment," in which fast, sustained growth occurs alongside inflation and slowly rising interest rates.
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