JPMorgan Chase Chairman and CEO Jamie Dimon told CNBC on Wednesday the promise of pro-growth policies from President-elect Donald Trump has been a good start for the stock market.
With the right policies, such as tax and regulatory reform, the economy could grow at a rate between 3 percent and 4 percent this year, Dimon added, which could boost stocks even further.
Appearing on “Squawk on the Street” at the World Economic Forum in Davos, Switzerland, Dimon said many of Trump’s picks for his Cabinet — including billionaire investor Wilbur Ross at Commerce, Wall Street veteran Steven Mnuchin at Treasury, and former Exxon chief Rex Tillerson at State — are “experienced, successful people who will go to work to fix America.
Last week, following the release of JPMorgan’s better-than-expected earnings and revenue, Dimon said Donald Trump needs time, but he sees the president-elect doing what’s right for the nation.
Shares of JPMorgan have rallied nearly 20 percent since Election Day — swept up in the broader Trump stock market rally, and the notions that the new administration will reduce banking regulations, and push through pro-growth policies necessitating higher interest rates.
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