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Transcript Browser Title: Video transcript: Anthony Chan Fall-2017 Economic Outlook

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English

Video Id: 5617718573001

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Length (seconds): 219

Transcript: <p><b>JPMC – <i>Anthony Chan Commentary</i> – Transcript – TIME: 3:39</b></p> <p>Intro Text:</p> <p>J.P. Morgan</p> <p>&nbsp;</p> <p><b>Boxed Disclosure:</b></p> <p>INVESTMENT AND INSURANCE PRODUCTS ARE:<br> • NOT FDIC INSURED • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY • NOT A DEPOSIT OR OTHER OBLIGATION OF, OR GUARANTEED BY, JPMORGAN CHASE BANK, N.A. OR ANY OF ITS AFFILIATES • SUBJECT TO INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED </p> <p>&nbsp;</p> <p>[upbeat electronic music]</p> <p>&nbsp;</p> <p><b>Anthony:</b><br> This quarter we're turning our attention overseas. While the economic recovery has appeared sluggish to some Americans, our real GDP growth of 13.5% from 2008 to 2017 has far outpaced the 5.3% growth that we've observed in the European Union, or the 3.4% growth in Japan. Now other developed countries are starting<br> to catch up, and joining the United States, along with China and other emerging markets in powering the world's economic growth. The U.S. economy is still chugging along at about 2.2% this year, even though the promised reforms of the Trump administration have been very slow to materialize. Surprisingly, this has<br> not led to higher wages or price inflation. So we don't expect the Federal Reserve to raise interest rates again until December at the earliest, with just two more rate hikes in 2018. </p> <p>&nbsp;</p> <p>In Europe, the Continent has been suffering from an economic crisis and a political crisis at the same time. Now, the good news is, we're seeing light at the end of both tunnels. Populist candidates in Holland and France were soundly defeated, which makes it less likely that additional countries will leave the Eurozone. All this is largely due to improving economic fundamentals. Unemployment rate has come down in the Eurozone to 9.1% from a peak of 12% in 2013. Germany's unemployment rate of 3.8% is the lowest level since they began keeping<br> records. As a result, the European Central Bank is expected to gradually reduce its bond-buying program, although it is unlikely to start raising interest rates until 2018 or 2019. </p> <p>&nbsp;</p> <p>In Japan, thanks to Prime Minister Abe's stimulus policies, we're looking at 1.2% growth in 2017, which would be the third year in a row with GDP growth of 1% or better. Meanwhile, China's economy is maintaining its sizzling growth pace. Second quarter growth in China rose to an unexpected 6.9% thanks to enormous fiscal<br> stimulus, equal to 4.5% of their GDP. </p> <p>&nbsp;</p> <p>We expect Asia's other emerging markets to profit from the improving global economy, too. Exporting countries like India, South Korea, Taiwan, Vietnam and Indonesia will all benefit from rising global demand. What does this mean for American investors? &nbsp;</p> <p>&nbsp;</p> <p>Strong overseas markets are good for the United States, too, because they support a balanced global economy. Investors can benefit from strong exposure to international equities and emerging markets as evidenced by the outperformance of this group in the first half of the year, relative to U.S. equities. As always, global diversification is key to participating in this growth while managing your investment risk.</p> <p>&nbsp;</p> <p><b>Outro Text:</b></p> <p>J.P. Morgan &nbsp;</p> <p>Disclosures:</p> <p>&nbsp;</p> <p>Investing involves market risk, including possible loss of principal, and there is no guarantee that investment objectives will be achieved.</p> <p>&nbsp;</p> <p>This video and its content have been developed for J.P. Morgan Securities LLC clients and prospects, is for informational and educational purposes only, and is designed to provide general market commentary<br> and information relating to certain services offered by J.P. Morgan Securities LLC, an affiliate of JPMorgan Chase &amp; Co. Opinions expressed herein are those of Anthony Chan and may differ from those of other J.P. Morgan employees and affiliates. The information in no way constitutes J.P. Morgan research and should not be trusted as such. Further, the views expressed herein may differ from that contained in J.P. Morgan research reports.</p> <p>&nbsp;</p> <p>The information and views expressed are not intended to provide specific advice or recommendations for any individual. You should carefully consider your needs and objectives before making any decisions. For<br> specific guidance on how this information should be applied to your situation, you should consult your Advisor. Investments in international or emerging markets can be more volatile and involve a greater degree of risk.</p> <p>&nbsp;</p> <p>&nbsp;“Chase Private Client” is the brand name for a banking and investment product and service offering.</p> <p>&nbsp;</p> <p>Bank deposit accounts, such as checking and savings, may be subject to approval. Deposit products and related services are offered by JPMorgan Chase Bank, N.A. Member FDIC.</p> <p>&nbsp;</p> <p>JPMorgan Chase Bank, N.A. and its affiliates (collectively “JPMCB”) offer investment products, which may include bank managed accounts and custody, as part of its trust and fiduciary services. Other investment products<br> and services, such as brokerage and advisory accounts, are offered through J.P. Morgan Securities LLC (JPMS), a member of FINRA and SIPC. Annuities are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. JPMCB, JPMS and CIA are affiliated companies under the common control of JPMorgan Chase &amp; Co. Products not available in all states.</p> <p> &nbsp;</p> <p>®2017 JPMorgan Chase &amp; Co.</p> <p>&nbsp;</p> <p>[END]</p> <p>&nbsp;<br> </p>

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