'Sell America' Narrative Is Wrong, JPMorgan Exec Says — US Will Remain Dominant Despite Tariffs And Debt
JPMorgan U.S. head of investment strategy, Jacob Manoukian, has dismissed concerns about the American economy’s future, asserting that the U.S. will maintain its global economic dominance.
What Happened: Despite ongoing economic uncertainties, Manoukian remains optimistic about the U.S. economy’s resilience. He believes that the U.S. will continue to be the world’s economic powerhouse, Fortune reported.
Manoukian’s confidence is based on the U.S.’s institutional strength, cultural DNA, and innovation cycle, which he says have historically propelled capital market returns and protected shareholders. He also highlighted the U.S.’s unique system of institutional and political decisions, which he believes sets it apart from other global economies.
“We completely disagree with the idea that the U.S. is somehow losing its position as the center of the financial universe,” Manoukian told the publication. However, he stated that the U.S. Dollar could continue to depreciate against the major trading partners.
He further dismissed concerns over the U.S.’s growing national debt, arguing that the country’s economic fundamentals, including its status as the world’s largest economy and its vibrant innovation cycle, will continue to support its financial position.
Why It Matters: Manoukian’s stance comes amid a backdrop of economic concerns. Notably, Jamie Dimon, CEO of JPMorgan, recently warned about the potential underestimation of the risk of higher U.S. interest rates by the financial markets.
Furthermore, economist Mohamed El-Erian cautioned that the U.S.’ recent economic behavior is creating instability, not just at home, but across global markets.
Despite these concerns, Manoukian remains confident in the resilience of the U.S. economy. His optimism, along with Goldman Sachs’ positive predictions for the S&P 500, suggests that some industry leaders continue to have faith in the U.S. as the world’s economic powerhouse.
On a year-to-date basis, Invesco QQQ Trust, Series 1 (NASDAQ:QQQ) and Vanguard S&P 500 ETF (NYSE:VOO) climbed 9.11% and 6.4%, respectively.
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