Headlines for market catalysts were scarce this morning and truthfully all day.
The biggest news really was the release of JP Morgan Chase CEO Jamie Dimon’s annual letter.
Here is a bit of what he had to say. “I have little doubt that with excess savings, new stimulus savings, huge deficit spending, more QE, a new potential infrastructure bill, a successful vaccine and euphoria around the end of the pandemic, the U.S. economy will likely boom,” Dimon said in the letter.
He also believes the markets are likely to stay bullish overall into and through 2023.
Could that time period possibly coincide with the fact Fed Chair Powell says they don’t see a need to raise interest rates and likely won’t through 2023 – possibly.
The markets didn’t set the world on fire with tremendous gains, in fact the Dow was up 16 points, NASDAQ dipped a bit, and the S&P was up say 5 points… all making for a fairly quiet and uneventful day.
The tiny gain in the S&P still resulted in a new all-time high for it.
The minutes from the Fed’s last meeting showed they were still committed to an accommodative policy intended to support the economy in getting back to a full recovery.
Maybe we get more scintillating news in days to come, but days like this are nice in that there wasn’t much to digest.
We really didn’t have the financial news networks driving what we are supposed to believe and how we are supposed to act. Days like this we can just let our positions continue to work.
C1P Chief 1-Percenter