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JPMorgan stockpiling cash, waiting for interest rates to rise -CEO
JPMorgan Chase & Co (JPM.N) Chief Executive Jamie Dimon said on Monday the bank is holding around $500 billion in cash, putting it in a position to benefit from higher interest rates.
"We've actually been effectively stockpiling more and more cash, waiting for opportunities to invest at higher rates," Dimon said during a virtual conference held by Morgan Stanley. "So our balance sheet is positioned (to) benefit from rising rates." Dimon, who heads the largest U.S. bank by assets, said he believes that rising inflation will eventually lead to higher interest rates, and that the bank's investing decisions depend on internal choices it makes in the next 6-9 months. "I think you're also going to have a very, very strong economy," which will also benefit the retail bank, he said. "We try to take all that in consideration (when) we manage the balance sheet."
https://www.reuters.com/business/finance/jpmorgan-stockpiling-cash-waiting-interest-rates-rise-ceo-2021-06-14/
JPMorgan profit soars on recovery but questions linger over lending outlook, competition
JPMorgan Chase & Co (JPM.N) second-quarter profits jumped 155% as the U.S. economy continued to rebound, but executives warned on Tuesday that the sunny outlook would not make for blockbuster revenues in the short term due to low interest rates, weak loan demand and a slowdown in trading.
Despite the stellar profits, JPMorgan's shares fell 2.5% as investors focused on emerging challenges for financial stocks. Analysts pressed executives about competition from digital upstarts, prompting Chief Executive Jamie Dimon to exclaim at one point: "My God, the company is doing quite fine." The country's largest bank, seen as a bellwether of the U.S. economy, was boosted by a surge in deal-making and the release of $3 billion it had set aside to cover feared pandemic losses, even as trading revenues slumped 28% from last year's record-breaking levels. As the national vaccination drive allows Americans to get back to work, JPMorgan's results showed consumer spending bouncing back.
Combined debt and credit card spending was up 22% compared with the same quarter in 2019, when spending patterns were more normal. Travel and entertainment card spending returned to growth in June and was up 13% on the same period in 2019.
https://www.reuters.com/business/finance/trading-slowdown-hits-brake-jpmorgans-results-2021-07-13/
Newsom Can’t List Himself as Democrat on California Recall Ballot, Judge Rules
California Gov. Gavin Newsom will not be able to identify himself as a Democrat on the ballot in September’s recall election, a Sacramento County Superior Court judge ruled on Monday. In filing his official response to the recall effort from February last year, Newsom’s staff failed to designate his Democrat party affiliation. The governor’s campaign asked California Secretary of State Shirley Weber to allow the affiliation to appear, but she declined.
Newsom then filed a lawsuit (pdf) in Sacramento County Superior Court seeking to require all recall ballots to include beside Newsom’s name the words: “Party Preference: Democratic.” The recall election has been officially set for Sept. 14. In the ruling, Judge James P. Arguelles rejected the governor’s request, stating that circumstances “do not justify excuse from the deadline.” The law “unambiguously precludes party information from appearing on a recall ballot where the elected officer fails timely to make the designation,” the judge said. Newsom’s office didn’t immediately respond to a request for comment by The Epoch Times.
Former Olympian Caitlyn Jenner, who is running as a Republican in the recall race, wrote on Twitter after the decision: “I am thrilled that the rule of law prevailed.” “Joining this lawsuit was the first step of finally breaking down politics-as-usual in Sacramento where special interests and political cronies are placed above the good of the people,” Jenner added. “The end is near for Gavin Newsom!” The recall election of Newsom, a first-term Democrat, follows mounting criticism from within his party and from Republicans over the governor’s handling of the COVID-19 pandemic and other issues. He faced intense backlash after he was seen dining at the French Laundry restaurant with lobbyists last fall after telling Californians to stay home. Newsom apologized for the incident.
A spokesman for Newsom previously told news outlets that the recall campaign is a waste of money and that the governor would “rather focus on getting through the homestretch of the pandemic.” The last time a governor was recalled in the state was in 2003 with Gray Davis. Residents voted yes on recalling Davis by 55.4 percent and selected one of 135 candidates on the ballot to replace him. According to the National Conference of State Legislatures, California is one of 19 states where recalls are permitted. The deadline to file for candidacy is July 16, and as of July 2, more than 70 candidates had filed to have their names on the ballot.
Other candidates who have announced their run for governor include conservative talk radio host Larry Elder, former San Diego Mayor Kevin Faulconer, and former gubernatorial candidate John Cox.
https://www.theepochtimes.com/newsom-cant-list-himself-as-democrat-on-california-recall-ballot-judge-rules_3899110.html
>>71686 pb
BOXER43 USAF C-40C on ground at San Francisco Int'l from JBA depart earlier
Most likely Janey Yellen here but see dat it's trip on Sunday (Venice-Brussles) had an interdasting letter attached to the call sign.........
SAM723 USAF C-40B inbound from Brussels Int'l Airport departure earlier today
This AC departed JBA on 0707 and arrived at Venice for the G-20 meetings
It departed to Brussels Int'l on 0711 as SAM723Q
See Cap #3
Departure today as SAM723 earlier
could be or just doesn't want any association wif Dems.
Seems quite a big 'mistake' to make.
Prolly on purpose
Like the back and fourth (especially wif da Globeys!) although didn't see this one Sunday but got it nao.
Can't hide from planefags!!
09-0017 USAF C-32A departed JBA and will be on hold waiting for Not AF1 Joe to depart Philadelphia Int'l after that ohhh so hard day....
SAM723 USAF C-40B about to make it's final approach turn for JBA from Brussels Int'l
712 was an eye opener for moi but a little after it was dropped cause I was not posting at time and had hours or days in between sessions here.
Was hard to keep track of it all then..easier nao.
Not AF1 Joe departed Philadelphia Int'l for JBA in 82-8000
09-0017 USAF C-32A is the 'escort' and a SUPREME WASTE for this purpose as it was already on the ground before Not AF1 Joe took off
Ya think you could mebby NOT need the escort AC since the trip mileage is about 140 each way??