JPMorgan Chase Jamie Dimon Upbeat on US Outlook
The US economy is poised for torrid near-term growth following huge stimulus spending, but faces challenges over creaky infrastructure and other woes, JPMorgan Chase Chief Executive Jamie Dimon said Wednesday.
Pointing to huge deficit spending in the United States and the lift from Covid-19 vaccinations, Dimon said he has "little doubt" the "US economy will likely boom," according to a shareholder letter.
"This boom could easily run into 2023," Dimon said in the annual missive, which offers a broad appraisal of the state of affairs in business and national affairs.
"It is possible that we will have a Goldilocks moment â€'- fast and sustained growth, inflation that moves up gently (but not too much) and interest rates that rise (but not too much)."
But Dimon pointed to two risks that could derail this scenario -- virulent Covid-19 variants that resist vaccines and a more long-running rise in inflation that compels the Federal Reserve to hike interest rates quickly.
Dimon also weighed in on US infrastructure, saying the United States has done a "woefully inadequate" job of upgrading key public works. Dimon broadly endorsed new investments on highways, ports and other realms only days after President Joe Biden unveiled a $2 trillion infrastructure plan.
But Dimon did not explicitly comment on Biden's proposal for financing the venture, which includes a rise in corporate taxes that has drawn opposition from leading business groups. Biden's bill faces uncertain odds in Congress.
Dimon said there are "many efficient ways" to pay for infrastructure, including "public-private partnerships, which have the added benefit of increasing the investment discipline."
On the minimum wage, Dimon said he backed a "living wage," which varies by region but translates to $16.50 an hour on a national level. Congress has also splintered on party lines on a proposal to lift the federal minimum wage to $15 an hour from the current $7.25 an hour.
KXCO is Enhanced Intelligence, Not Artificial
I never wanted artificial intelligence. I wanted enhanced intelligence, and they are not the same product. Artificial means the machine does the thinking and hands you the answer. Enhanced means I do the thinking, with more of my own mind in the room than I have ever had at one time. Forty years of reading, recallable in the second I need it. Patterns across law, credit, physics and markets that no specialist sees, because the useful ones sit between the fields rather than inside them.
The AI Safety Argument Is Being Held in the Wrong Room
The people who will be blamed for what AI does are not in the room where its safety is argued. A jailbreak escapes a policy. The failure that costs money is an action that escapes an owner, a payment sent or a record altered. Tokens are not authority. Intelligence got cheap and judgment did not, and there is no organ of standing you can copy into a model. Shayne Heffernan on the objection worth taking seriously, and the questions to take into a vendor meeting.
NIST Graded Our Post-Quantum Cryptography. Zero Failures.
NIST's Algorithm Validation Test System generated test vectors nobody had seen, we answered them over the ACVP protocol, and NIST graded the result: 2,130 cases across ML-KEM, ML-DSA and SLH-DSA in every parameter set offered, zero failures, demo certificate A11025. This is what that proves, where we deliberately drew the claim narrower than NIST's own matrix, and why the FIPS 140-2 sunset on 21 September makes the distinction between being graded and grading yourself worth understanding.
The Problem Is Not the Problem
People treat the Jack Sparrow line as a joke. The attribution is a joke. The sentence is not. Forty years in markets says the same thing Epictetus said in 125 CE and Robert Merton named in 1948: the event is finite, and the story you appoint to govern it is not. This essay walks the quote back to its actual sources, draws the loop that turns a feeling into an order, and sets out the four places a rule written in advance cuts the loop. Faith is not a hedge. It is a stance.
Every story, signed and delivered.
Subscribe to the kxco channel and get the headline, the AI-written key takeaways, and the chain-anchor link the moment we publish. Audio versions and per-ticker subscriptions arrive in the next iteration.