The most worried thing in the United States still happened, the epidemic has not passed, the next crisis has come
Text/Huitong.com editor:Qin Meng
Even an active financial market cannot stop the US economy from facing new difficulties because the US has failed to control the spread of the epidemic like other countries.
JPMorgan Chase predicts that the unemployment rate in the United States will remain above 10%throughout 2020, to At the end of 2021, it dropped to 7.7%. The provision in the second quarter brought the three investment banks’ total provision in 2020 to US$47 billion, more than the sum of the provisions of the past three years.
Everything in front of me seems to indicate that the United States was the most worried The incident finally happened. The epidemic has not passed yet. The next crisis has come.
As the number of Americans applying for unemployment benefits is skyrocketing, some experts warned that this summer alone, because of the inability to Paying rent or mortgages, about 28 million people in the United States will face the dilemma of being ousted and homeless by landlords.
Due to the impact of the new coronavirus on the US economy, in a short period of time, the US’s non-performing debt has surged, reaching about US$28 billion
For this, JPMorgan Chase , Citigroup and Wells Fargo NPL provision of nearly US$28 billion in the second quarter, second only to the 2008 financial crisis In the fourth quarter, this figure was higher than analysts expected. All three banks said that as the epidemic continued to wreak havoc in the United States, the economic outlook for the United States had deteriorated.
Despite the soaring unemployment rate in the United States, the stimulus plan has helped people maintain liquidity liabilities, and many people have also used bank repayment extension services. JPMorgan Chase said that the default rate of its largest consumer loan category has fallen or remained flat compared with the same period last year, and most credit card and mortgage customers who have been deferred payment are still repaying.
On July 14, JP Morgan CEO Jamie Dimon said:”This is not a normal recession. In the future, we will see which areas are experiencing recession and see the recession belt. The impact of the coming. Because of all these stimulus measures, the economic recession will not be seen immediately.”
What is more terrifying is the bank assets. All kinds of consumer loans are bank assets. Once the repayment is unfavorable, it will be harmful to the United States In general, a new economic crisis seems inevitable. Before the avalanche, the snowy mountains looked calm. But the launch of some external forces can make peace quickly become a disaster!