10.15.19 - JPMorgan Posts Seventh Straight Profit Gain
'Chief Executive James Dimon said the economy has slowed but that he isn’t predicting timing on a recession and that it isn’t clear if the data points to one soon.'
'“It looks like the U.S. consumer continues to be quite strong,” Mr. Dimon said on a call with reporters. “The geopolitics around China and trade are reducing business sentiment … but it looks like we’re still growing.”'
'The bank has now posted year-over-year profit gains for each of the past seven quarters, boosted for most of that time by rising interest rates that had increased the profitability on lending operations. But rate expectations reversed this summer as the Federal Reserve moved from increasing its base rate to cutting rates. Several businesses were crimped by the lower rates.'