(Bloomberg). Jamie Dimon stated that the U.S. economic is strong and there are no potential barriers to growth.

“Strong economy, big storm clouds,” JPMorgan Chase & Co. chief executive officer said at the firm’s investor day Monday. “I’m calling it storm clouds because they’re storm clouds. They may dissipate.”

Monetary and fiscal stimulus have been fueling strength in the economy, but countervailing forces including high inflation and quantitative tightening by the Federal Reserve are creating a combination that’s not been seen before, Dimon said. He said that a recession could be possible but would not look like past downturns due to the unique combination of economic conditions.

The investor day is the New York-based bank’s first since before the Covid-19 pandemic. Dimon, President Daniel Pinto and Chief Financial Officer Jeremy Barnum will be speaking. 

For a Live Blog of JPMorgan’s investor day, click here. 

Following backlash about its plans for increased spending to improve offerings, boost technology, and attract talent, the biggest U.S. Bank is trying to reduce investor concerns. The bank maintained Monday its expenses outlook at $77 Billion, including legal costs. That’s an 8.6% rise from 2021. 

JPMorgan has also increased its 2022 estimate of net interest income, excluding markets, to $56 billion. This would mean a 26% increase in net interest income excluding its markets business, JPMorgan said Monday. 

©2022 Bloomberg L.P.