Quote and Chart of the Day

I sympathize with Jamie Dimon’s macro view right here:

“The US economy has remained resilient. While labor markets have softened, conditions do not appear to be worsening. Meanwhile, consumers continue to spend, and businesses generally remain healthy. These conditions could persist for some time, particularly with ongoing fiscal stimulus, the benefits of deregulation and the Fed’s recent monetary policy. However, as usual, we remain vigilant, and markets seem to underappreciate the potential hazards - including from complex geopolitical conditions, the risk of sticky inflation and elevated asset prices.”

I.e., per our PWA Index recently moving – albeit slightly – back into the green, conditions are not presently screaming recession… That said, investors/traders are far too complacent given valuations and inflation risk – and, not to mention, geopolitics.