U.S. consumers still have a healthy balance sheet, the banks said, but warned spending was slowing and there had been a modest deterioration in some consumer debt.
"The U.S. economy continues to be resilient," JPMorgan Chief Executive Jamie Dimon said.
Investors have worried that high interest rates could push the economy into a recession, but the outlook remains uncertain.
Wells CEO Charlie Scharf said the range of scenarios for the economy should narrow over the next few quarters.
For now, the economy is performing better than many expected but will likely continue slowing.
Persons:
JPMorgan Chase, Wells Fargo WFC.N, Wells, Jamie Dimon, Jeremy Barnum, Charlie Scharf, Larry Fink, Wells Fargo, Scharf, Morgan Stanley, Goldman Sachs, Niket Nishant, Noor Zainab Hussain, Mehnaz Yasmin, Manya, Nupur Anand, Saeed Azhar, Megan Davies, Paritosh Bansal, Nick Zieminski
Organizations:
JPMorgan, Citigroup, Citi, Federal Reserve, CNBC, Wells, Bank of America, Manya Saini, Thomson
Locations:
Wells, U.S, Bengaluru, New York