FINANCIAL TIMES: Jamie Dimon said the US housing market had “turned the corner” as JPMorgan Chase and Wells Fargo, the two biggest US banks by market value, kicked off Wall Street’s earnings season with record profits boosted by a surge in mortgage demand.
JPMorgan’s chief executive made the comments as he revealed a 34 per cent rise in third-quarter net income to $5.7bn. He said the improving economy meant that interest rates would “probably” rise “sometime in 2013” even though the Federal Reserve has indicated it will keep rates near zero for three years.
The bank results came as a report showed that sentiment among US consumers was at its highest level in five years on optimism about the recovery. The Reuters/University of Michigan’s consumer sentiment index rose to 83.1 in September – the highest level since September 2007…. (more)
