JPMorgan Profits Rise Amid Trade Policy Concerns

Wall Street executives, including JPMorgan Chase CEO Jamie Dimon and BlackRock CEO Larry Fink, warn of significant economic turbulence due to President Trump's trade policies, which have sparked a trade war with China and other major partners. Dimon highlighted the need for excess capital and liquidity, given the market volatility and consumer anxiety, as reflected by declining consumer sentiment and increased expectations of inflation and unemployment. Despite these challenges, JPMorgan reported a 9% increase in first-quarter profits, driven by strong performance in its markets division. The bank's asset management division also saw substantial net inflows, though Dimon cautioned about the potential negative impacts of tariffs and high fiscal deficits on the economy. Trump's tariffs have been partially paused to allow negotiations, but the uncertainty continues to affect consumer and corporate behavior, including hiring and investment strategies. Overall, stakeholders remain cautious, preparing for a range of scenarios amid ongoing geopolitical tensions.