JPMorgan CEO Says ‘Powerful Forces’ Threaten U.S. Economy

Bank’s first-quarter profit fell 42% as it socked away funds to prepare for higher defaults in case of recession. JPMorgan CEO Jamie Dimon said the economy is strong and growing, citing double-digit growth in card spending, low delinquencies and healthy household and consumer balance sheets. Dimon: ‘Those are very powerful forces, and those things are going to collide at one point. No one knows what’s going to turn out’ JPMorgan shares fell 3.2% to $127.30 on Wednesday. The bank recorded a profit of $8.28 billion in the first quarter, down from $14.3 billion a year ago. JPMorgan shares have now lost about 20% this year, while the S&P 500 is down 7%. . . .