Fox Lay contributor John Layfield and owner of Kaltbaum Capital Management, Gary Kaltbaum, argue if stimulus continues and a COVID-19 vaccine is distributed in the very near future, the markets will experience a booming boom in 2021.
Vaccinations against COVID-19, along with financial relief from Congress, have the potential to revive the U.S. economy this summer, says Jamie Dimon, CEO of JPMorgan Chase.
| Ticker | Safety | Last | Alter | Alter% |
|---|---|---|---|---|
| JPM | JP MORGAN CHASE & CO. | 138.64 | -2.53 | -1.79% |
“I think you will have a better second half because there is a vaccine and fiscal stimulus,” Dimon told reporters on Friday after JPMorgan delivered stronger-than-expected financial results for the end of last year. “In short, there is a lot of pent-up demand and hopefully optimism that we will get through this mess.”
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If highlighted, his hypothesis would have welcomed welcome relief by the latter half of 2021 from a brutal downturn accompanied by a pandemic that killed more than 388,000 Americans – a higher death toll than in any other country. hundreds of thousands of small businesses closed. and unemployment soared.
An initial incentive package that sent $ 1,200 checks to many taxpayers and a follow-up measure late last year helped Americans who were in dire need of help, “unemployed people, small businesses, some of the low-income people” to bridge that, hopefully, which will be a much stronger economy, “Dimon added.
JPMorgan Chase, the largest US lender, has a unique perspective on the economic health and sentiment of the country.
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Congressional action on the second coronavirus mitigation package and vaccine advancement has enabled the New York-based company to free up $ 2.9 billion in loan reserves in the last three months of 2020, although it still has a significant hedge of $ 30 billion at what executives called “significant.” short-term economic uncertainty. ‘
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How further mitigation measures under the administration of elected Democratic President Joe Biden will affect the company and other U.S. banks remains to be seen.
The former vice president and Delaware senator, who will be inaugurated in less than a week, on Thursday night outlined a $ 1.9 billion spending proposal that he says is essential to help Americans withstand the coronavirus crisis .
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“Some 400,000 small businesses have closed their doors permanently,” Biden said Thursday in Wilmington, Delaware. “A crisis of deep human suffering is evident, and there is no time to waste.”
If approved by Congress, its plan will yield optimism through the preliminary distribution of vaccines from drug manufacturers, if it stops, including a partnership between Pfizer and BioNTech and the drug maker Moderna.
Initial studies of a third vaccine, from Johnson & Johnson, show that recipients develop immunity after a single dose, compared to the two required for each of the earlier vaccinations.
“It looks like you have to get a lot of people vaccinated by June or July. People may need a few months after that to be comfortable going back to work,” Dimon said. “You do see that people want to go back to work if they feel safe, and the vaccine will be a big part of that.”