Neil Freiman

Morgan, Wells Fargo, and Citi, brought in a collective $27.5 billion.

billion in profits in Q1, a 17% bump from a year earlier.

Jamie Dimon, CEO of the country's largest bank, JP Morgan, said that the U.S.

economy remained resilient in the quarter, with consumers still earning and spending and businesses still healthy.

Spending volume on JP Morgan's credit cards rose 9% from the previous year.

I can say I was a part of that.

while delinquency rates on consumer loans like mortgages fell.

Wells Fargo flagged that consumers were spending about 25% to 30% more on fuel than before the war, but the CFO said, quote, overall spend continues to be quite resilient and quite strong.

The road ahead could be trickier to predict, however, and fraught with potential danger.

Diamond wrote, at the same time, there is an increasingly complex set of risks, such as geopolitical tensions and wars,

energy price volatility, trade uncertainty, large global fiscal deficits, and elevated asset prices that could derail the strong economy.

Overall, Toby, banks are doing well.

And as the makers of the plastic people use to pay for things every day, they say we're doing well also.

Yeah, we haven't really talked about the stock market recently, but it is also responding to maybe these banks saying that, yeah, we know that the world is maybe on fire, but U.S.

economy is doing pretty well.

The S&P 500 is now less than 1% from its all-time high.

It's had nine positive sessions in its last 10, while the technology-heavy Nasdaq has gone 10 straight consecutive gains in the green.

It seems like

There are overtures that Trump and Iran are talking that the war could wind down.

And then you have JP Morgan, Wells Fargo City coming out saying, yeah, people are spending like it's fine.