No market data provided in today's commentary.
The Fed continues its quantitative easing program with $40 billion in monthly securities purchases, though this is expected to be reduced to $20-25 billion in April. Dimon warns that rising rates could act "like gravity to almost all asset prices," potentially triggering a flight to cash if inflation begins climbing rather than falling.
The setup for 2026 remains constructive despite elevated risks. Fiscal stimulus from the "One Big Beautiful Bill," continued Fed accommodation, deregulatory policies, and massive AI-driven capex from the hyperscalers should provide positive economic momentum through the year. However, the "skunk at the party" scenario — slowly rising inflation forcing rates higher and asset prices lower — could rapidly shift sentiment and expose vulnerabilities in an environment of high asset prices and compressed credit spreads.
No specific geopolitical developments reported in today's commentary.
JPM — CEO Jamie Dimon's annual shareholder letter highlighted the bank's geographic shift, reducing NYC headcount from 30,000 a decade ago to 24,000 today while growing Texas operations from 26,000 in 2015 to 32,000 currently. Dimon expects this trend to continue, citing New York's highest-in-nation corporate and individual tax burden despite the city's talent advantages for financial firms.
No specific economic calendar dates provided.
No earnings schedule provided.
No earnings schedule provided.