Wells Fargo CEO Charlie Scharf is speaking and is speaking positively about the economy. With data stalled due to the government shutdown, anecdotal comments are helpful:
We see strength almost across the board in all of our businesses
Consumer spending is up in debit and credit
Environment is almost perfect for consumer
Businesses are performing well, credit is strong
People aren’t sure about the future, so they are very cautious
We don’t see cracks in the banking system
We don’t see things getting worse yet
I don’t see private credit as a major systemic issue
Conversations with Trump administration are focused on economic growth, not deregulation
The more positive comments are in contrast with JPMorgan Chase CEO Dimon who is consistently more negative about the economy.
This article was written by Greg Michalowski at investinglive.com.