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JPMorgan Chase CEO Jamie Dimon told Fox Business Network he sees similarities between the economy of the 1970s and 2024. Dimon said he isn't sure the economy will achieve the soft landing the Fed is trying to engineer. The 1970s was marked by a period of high inflation and stagnant economic growth. AdvertisementJPMorgan Chase CEO Jamie Dimon said 2024 may just be like the 1970s — and it's more about the economy than nostalgia. "And that looks a little more like the 1970s to me," Dimon told Bartiromo, referring to a period when stagnant growth and high inflation pressured the economy.
Persons: Jamie Dimon, Dimon, , Maria Bartiromo, Bartiromo, isn't Organizations: JPMorgan, Fox Business Network, Service, Fox Business, Federal Reserve
As Nikki Haley has risen in polls, so has her viability among top political donors, per The Times. Some donors are describing Haley's candidacy as one that's creating enthusiasm among party leaders. GOP donor Eric Levine told The Times that Trump's air of inevitability has "peeled away completely." I would certainly like her over Trump," Langone, who's donated to Haley's campaign, told the newspaper. "His aura of invincibility is just peeled away completely," Levine said, pointing to Haley's polling surge among GOP voters.
Persons: Nikki Haley, Eric Levine, , Donald Trump, Trump, Haley, Jamie Dimon —, Joe Biden's, Dimon, Kenneth G, who's, Ron DeSantis, Jonathan Bush, Bush, George W, Gary Johnson's, Sen, Tim Scott's, Levine Organizations: Times, Service, The New York Times, JPMorgan Chase, The Times, South, Trump, White House, Depot, GOP, Florida Gov, New, New Mexico Gov, Locations: Iowa, South Carolina, New Mexico
Expensify is shutting down its upscale employee lounge in San Francisco. The move comes six months after the space was launched as a return-to-office "experiment," per CEO David Barrett. The expense-tracking company described the space as a high-end airport lounge meets co-working space. Access was built into an existing Expensify membership that started at $9 per month, the company said in April. But the party's coming to an end: The Expensify Lounge will be shutting down on November 1, David Barrett, the company's CEO, announced in a 1,700-word blog post published Wednesday.
Persons: David Barrett, Barrett, , Expensify, Jamie Dimon — aren't, Dimon Organizations: Service Locations: San Francisco, Portland , Oregon
But in a strange twist, it’s possible that the banking meltdown actually did some work for the Fed in bringing down prices without raising interest rates. That could have the equivalent effect of the Fed hiking rates by half a point, said Goldman Sachs economists on Tuesday. Bank stocks rebound as Janet Yellen, Jamie Dimon work to restore confidenceThe collapse of Silicon Valley Bank and Signature Bank rippled through markets last week. The Treasury secretary reiterated that the federal government would be willing to rescue uninsured depositors at small banks if lenders suffer bank runs, raising the specter of contagion. The SPDR Regional Banking Equity Traded Fund, which tracks a number of small and mid-sized bank stocks, gained 5.8% for the day.
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