Financial GuidanceManagement expects adjusted expenses to be $92 billion, reflecting an increase due to pre-funding a $1 billion foundation contribution from the Visa gain proceeds.
Interest Rate SensitivityJPM benefited among the best with higher rates and may not fare as well with lower rates, reflected by their lower NII guide.
ValuationJPM's premium relative to peers tends to decline in periods of Fed Easing, suggesting that JPM’s multiple could mean revert as rates contract.