Bond yields took a breather, with the 10-year Treasury yield dipping to 1.65%, its lowest level since March 26. Plus, Dimon said in his closely read annual letter that he sees strong growth for the world’s biggest economy.
“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,” the JPMorgan CEO said. “This boom could easily run into 2023 because all the spending could extend well into 2023.”
Evercore ISI’s head of economic research, Ed Hyman, on Wednesday called strong economic data a “U.S. liftoff,” citing stats from trucking to job openings. “The combination of fiscal stimulus and vaccinations/reopenings is at work,” Hyman said.
