This week, our 3 Things are:<br>Resiliency. The U.S. economy has demonstrated that in spades. But is it sustainable?<br>Dimon on credit. Getting past the headlines.<br>Consumer trends. We identify three flying under the radar.

Resiliency, Dimon on Credit, Consumer Trends

Van Hesser's 3 Things in Credit - A KBRA Podcast

Welcome market participants to another 3 Things in Credit. I'm Van Hessers, Chief Market Strategist at KBRA. Each week we bring you 3 things impacting credit markets that we think you should know about. We are a week past the US jobs report and out of the usual avalanche of analysis, this bit, for me, stood out. Robert Armstrong, who pens the unhedged column for the FT, provided a summary of the last 10 US employment reports.

Bad, good, quite bad, quite good, very bad, good, bad, very good, very bad, very good. All the while, the unemployment rate bobbed around between 4.1 and 4.5%, with the latest result landing right between the two bookends. We are often puzzled by characterizations of the jobs report as the gold standard of data. As recovering corporate analysts, I just don't get it.

The monthly revisions are breathtaking, and don't get me started on the BLS's annual benchmark revisions. This week our 3 things are, 1. Resiliency. The US economy has demonstrated that in spades. But is it sustainable? 2. Diamond on Credit, getting past the headlines. 3. Consumer trends. We identify three flying under the radar. All right, let's dig a bit deeper.

Resiliency. The ability to withstand or recover from difficulties. The US economy has proven to have that. We often show a chart that shows the US's longest economic expansions, and the current one, the longest on record, is about to cross 17 years if we exclude March and April of 2020 at the outbreak of COVID. That's nearly double the next longest, which was 1991 to 2001. The current run has proven to be resilient.

Resiliency, Dimon on Credit, Consumer Trends

Read the full transcript

The candid version is on a podcast,
not the earnings call.

Resiliency, Dimon on Credit, Consumer Trends

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.