, Columnist
Jamie Dimon Captures the Stock Market Moment
Central bank action has helped financial valuations recover, but unemployment and diminished consumption can’t be magicked away.
Not just a bazooka.
Photo: Bloomberg
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Don’t fight the U.S. Federal Reserve — repeat that mantra until it sticks.
Jamie Dimon, the boss of JPMorgan Chase & Co., put it well this week. “This wasn’t the bazooka,” he said, referring to Jay Powell’s response to the coronavirus crisis. “The Fed took out the whole military and applied it. Just announcing these programs reduced spreads (the difference between corporate bond yields and their benchmarks) in the market. It’s going to save a lot of small businesses.”