Just finished the earnings media call with JPMorgan (JPM) CFO Jeremy Barnum. During the call, I asked about consumer spending trends in light of recent cautious results from companies like PepsiCo (PEP). Barnum stated that they are not seeing any significant pullback in consumer spending, despite some shifts in spending patterns among lower income groups. He emphasized that overall, consumer data remains consistent with a healthy economic environment, with no major concerns at this time.
Interestingly, JPMorgan CEO Jamie Dimon was not present on the call due to a travel conflict, according to Barnum. There is no further significance to his absence.