JPMorgan Chase CEO Jamie Dimon gave a bullish outlook to the US economy in 2022, contending Monday that solid shopper spending will drive growth in the months ahead.

While Dimon recognized that a few Americans are as yet fighting with troublesome economic conditions, he demanded the basic economy is solid and that the customer monetary record “has never been in better shape.”

“They’re burning through 25% more today than pre-COVID. They have $2 trillion in their financial records.” Dimon told. “Their obligation administration proportion is superior to it’s been since we’ve been saving records for a very long time. Home costs are up, stock costs are up, positions are ample, compensation go up, and that all lets you know what will happen in the future.”

Dimon gave his sure outlook for the year ahead regardless of mounting worries about the effect of inflation, which is relied upon to hit a four-decade high when the most recent consumer price index data is delivered on Wednesday.

In December, the US economy added only 199,000 positions, a number that came in well beneath assumptions, even as the unemployment rate declined to simply 3.9 percent.

The JP Morgan Chase chief said his view is simply the “herky-jerky” numbers will not wreck the economy.

“We will have the best development year we’ve at any point had for the current year, I think, since possibly after the Great Depression,” Dimon said. “Next year will be pretty good, too. Obviously there are some negatives out there, but those things look pretty good.”

The Federal Reserve has shown it intends to raise loan fees surprisingly quick given tight labor conditions and the inflation flood. The hawkish outlook shook the market as of late.

Recently, Goldman Sachs told financial backers it anticipates that the central bank should climb rates multiple times in 2022, up from its previous estimate of three increases.

Dimon said he anticipates “a great deal of unpredictability” in the business sectors as the Fed seeks after plans to climb loan costs and tone down pandemic-period economic help. The bank chief said he would be “astounded” assuming the national bank halted with four climbs, however he communicated trust the Fed can accomplish a “soft landing.”

“It’s possible that inflation is more awful than they might suspect and they raise rates more than individuals might suspect,” Dimon said. “I for one wouldn’t believe assuming it’s only four increments one year from now. I think four increments of 25 basis points is a very little amount and very easy for the economy to absorb.”