"It's likely that there will be considerably more pain before this is finished. The S&P 500's fair value is pretty close to 3,000, as opposed to the 3,970 the index traded at on Wednesday."
"The best way to deal with the problem is to actually deal with the problem, to acknowledge it, to work on it," Dimon stated, emphasizing the urgency of addressing the national debt.
"It has nailed every recession since WWII without falsely predicting a downturn. If it is triggered, it may take a while for the Business Cycle Dating Committee of the National Bureau of Economic Research to confirm it, but we are already in a recession."
The challenges we all face are significant. The list is long but at the top are the terrible ongoing war and violence in Ukraine, the current war in Iran and the broader hostilities in the Middle East, terrorist activity and growing geopolitical tensions, importantly with China.
The US dollar returned to the upside as geopolitical fears rebounded after US President Trump's address to the nation. The rhetoric fuelled risk aversion and flows toward the dollar while oil prices surged.
The White House Council of Economic Advisers built a model to test the claim, and the results are striking. Simply put, 'a yield prohibition would do very little to protect bank lending, while forgoing the consumer benefits of competitive returns on stablecoin holdings.'
Escalating geopolitical risk continued to dominate global markets' concerns, with safe-haven demand keeping the dollar index anchored near a multi-week high.
Futures are exploding higher, as President Trump chose not to 'end civilization in Iran' and agreed to a two-week pause on attacks on Iran.
The geopolitical backdrop in the Middle East remained tense after renewed threats to Iranian infrastructure from President Donald Trump, although reports of a potential deal could limit the demand for the dollar.
