US consumers are in"great shape" and avoiding a sovereign debt default was a major win, but the US economy will still face headwinds down the road, JPMorgan CEO Jamie Dimon said.
"The thing about the economy is that today's still doing fine, consumers are in great shape, home prices have gone up for 10 years, asset prices have gone up, debt's in good position," DimonStill, he said there are looming issues, including excessive spending of money, the Federal Reserve's quantitative tightening, the Ukraine war, and uncertainties surrounding oil, gas and energy.
The JPMorgan chief thinks it's 'fabulous' that the US avoided a debt crisis given that lawmakers had come to an agreement on the government's borrowing limit, citing the hugely negative repercussions a sovereign payment default would have on the economy and the dollar. "If I had my druthers, I'd get rid of it one day," he said."The United States is the fundamental foundation of the global economy. The US dollar is the fundamental reserve currency. People rely on the consistency standards that we have, the rule of law, or investor protections – we shouldn't be challenging that."