What keeps the CEO of the biggest of banks awake at night?

I'm David Brancaccio in Los Angeles.

Jamie Diamond of J.P. Morgan Chase has delivered his annual letter to shareholders.

How a guy with that much money at stake views the economy and the world at this moment is useful information.

Marketplace's Kaylee Wells reports.

Jamie Diamond's cautionary tone struck Ari Schuader. He teaches economics at the University of

Michigan. He's quite worried about inflation, not calming back down to the 2% level that the Fed wants,

and I think rightly so. Rightly so, Schuader says, because of government debt and tariffs and fiscal stimulus.

Add that to the supply chain and market uncertainty with war.

That certainly affects banks' willingness to give out loans and then makes it harder for

folks to get a mortgage to buy their house or to buy their car or things like that.

Another concern in the letter, a growing percentage of loans come from hedge funds, private

firms, not banks.

These type of lending institutions are not under the direct supervision often by the Fed.

Pavlina Cherneva at Bard College says, since they're not regulated like bank loans,

there are new loan arrangements with delayed payments, with lower credit standards, and they're

not immediately obvious to the regulator. The letter says private credit isn't posing a huge risk

yet, but Cherneva says it could if it doesn't get regulated.

I'm Kaylee Wells for Marketplace.

With just over 10 hours to go to the White House deadline for Iran to reopen a major sea route for oil,

the price of crude very high, up 3% this morning, closing in on $116 a barrel.

Thursday, we get a fresh reading on economic growth that had been running weak,

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