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Markets from equities to high-yield bonds that have been flashing warning signs are probably an overreaction to slowing growth rather than a precursor of imminent recession, according to J.P. Morgan Chase CEO Jamie Dimon.
"I think markets are overreacting to short-term sentiment around a whole bunch of complex issues," Dimon said in a Fox Business interview released Tuesday. He quickly added that the market moves were a "rational response" to slower growth and the U.S.-China trade dispute.
But overall, Dimon, who leads the biggest U.S. lender, said the December stock declines and the halting by banks of high-yield debt issuance last month were unwarranted. He said he's "really not worried about" what happened to riskier corporate debt because credit spreads are returning to normal after a long period of suppression.
"My view is that the consumer is in good shape and is continuing to grow, and they have backwinds with jobs and wages going up," Dimon said, adding that consumers were paying back credit card debts.
"I think you're going to have decent growth in 2019 in America," Dimon said. "Therefore sentiment might reverse course at some point in the future."
The S&P 500 posted its worst December since the Great Depression, down nearly 9 percent. It has rebounded so far this year, up nearly 2 percent.