$JPM 30+ Day DQs rising in Credit Cards, Auto & Mortgage…they are selling real estate loans partially coz of Standardized Capital but if DQs are going up perhaps cognizant of higher future NCOs.. Resi loans -16% YoY. Took another $200MM Card Reserve Build In 3Q19. Nobody cares? pic.twitter.com/TBFqZFVx1F
— PlungeProtectionTeam (@gamesblazer06) October 15, 2019
The economy is painted into a corner and something’s gotta give.
Consumer confidence-to-unemployment ratio near all-time highs.
Both incredibly reliable contrarian indicators that only reached current levels twice.
Prior to the 1970 recession and tech bust. pic.twitter.com/eAsloS5Fl0
— Otavio (Tavi) Costa (@TaviCosta) October 14, 2019
The Commerce Department said on Wednesday retail sales dropped 0.3% last month as households cut back spending on motor vehicles, building materials, hobbies, and online purchases. That was the first and biggest drop since February.
JPMorgan Chase CEO Jamie Dimon warned on Tuesday that a recession is on the horizon thanks to the continuing trade tensions with China.
“Of course there’s a recession ahead,” Dimon said during a morning call with reporters after the bank announced its third-quarter earnings.
“It does look like geopolitics, particularly around China and trade, are reducing business confidence and business capital expenditure,” Dimon added.