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Good morning. Today is Monday, April 4th, and I'm your host, Rina Schirbel. Our top stories today. Diamond

Sounds Alarm, Lithuania cuts off Russian Gas, and Starbucks founder takes rains as CEO.

Leading today's news, JP Morgan CEO Jamie Diamond

wrote in his annual letter to shareholders,

which is a widely read letter in the business community,

that the confluence of the dramatic stimulus-fueled

recovery from the COVID-19 pandemic, the likely need for rapidly raising rates, and the

required reversal of QE, as well as the war in Ukraine and sanctions on Russia may be

unprecedented. They present completely different circumstances than what

we've experienced in the past and dramatically increase the risks ahead.

While it is possible and hopeful that all of the events will have peaceful resolutions,

we should prepare for the potential negative outcomes.

The U.S. economy is strong strong with a consumer in excellent financial shape on average and

leverage among the lowest on record. Excellent mortgage underwriting even though we've had some

home price appreciation. Planifful jobs with increases, and more than $2 trillion in

excess savings, mostly due to government stimulus. Banks also performed magnificently during the

COVID-19 crisis, helping to weather the terrible financial storm

while setting aside extensive reserves for potential future loan losses. The war in

Ukraine and the sanctions on Russia at a minimum will slow the global economy and it could easily get worse.

It is also clear that trade and supply chains where they affect matters of national security need to be

...