Two topics dominated questions about JPMorgan’s first-quarter earnings: Russia and recession risks. Chief executive officer Jamie Dimon didn’t dismiss these problems, but his outlook remains undimmed based on the strength and spending power of the American consumer.

Despite reams of market commentary on yield curve inversion and so forth, Dimon, like everyone else, cannot say whether the Federal Reserve will raise interest rates too far and too fast for markets and the economy to bear.

Bloomberg Opinion