J.P. Morgan (JPM) kicked off earnings season with a flop, by underperforming heavily on several metrics. Jamie Dimon was previously quoted warning to prepare for an ‘economic hurricane,’ which was reflected in his company’s report. Financials analyst Josh Steiner discusses the likelihood of a disappointing 2Q and the outlook this will have moving forward in #Quad4 on The Call @ Hedgeye.
“Right now, it’s ‘sunny,’ things are doing fine, everyone thinks the Fed can handle this, but that hurricane is right out there down the road coming our way,” notes Steiner. “Inflation has run well in excess of income growth. People are making up for that by running up balances on their credit cards… servicing on this debt ends up putting people in an even worse hole.”
“The bond market is clearly, at this point, signaling that the future growth outlook is getting worse at an accelerating pace.”
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