In this clip from The Call @ Hedgeye, Financials analyst Josh Steiner and Hedgeye CEO Keith McCullough update on the latest JPMorgan Chase & Co. (JPM) deposit growth and the reactionary movements after the economic shutdown due to Covid variants.

“If you think about the ‘why’ it went up during the quarter, it’s because of the Delta variant,” explains McCullough. “We shut the economy down again. The inverse of the Covid is the ramping of the cash. You just can’t go out and spend it. But now you can. I would expect cash balances to do the reverse during the reopening, sequentially.”

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