America's Biggest Bank Just Showed the Consumer Is Still Spending. Now Washington Has to Tame Inflation and Deficits
JPMorgan Chase reported Oct. 13 that card spending rose 10% and it added more than 650,000 net new checking accounts. In our view, that is a real sign of Main Street strength, and Jamie Dimon's warning about deficits, sticky inflation and rising rates is the to-do list that comes with it.
By Clara Hughes
ALTAS WORLD NEWS OPINION | By Clara Hughes, Chief Opinion Editor | October 13, 2026 | 6-min read If you want to know whether American families have stopped spending, don't ask a cable panel. Ask the bank that processes their paychecks and swipes their cards. On Tuesday morning, JPMorgan Chase reported third-quarter net income of $15.3 billion, up 6% from a year earlier, with debit and credit card sales volume up 10% and more than 650,000 net new checking accounts opened in the quarter [1]. In our view, that is not the picture of a consumer in collapse. It is a country still earning, still spending and still building. And it comes with a warning label that Washington should read closely. Key Takeaways JPMorgan earned $15.3 billion ($5.57 a share) in the third quarter; excluding $658 million of securities losses, it earned $15.8 billion [1]. Consumer and community banking revenue rose 9%, card sales volume rose 10% and average loans firmwide rose 10% [1]. Jamie Dimon said the economy is "fueled by strong business investment and ongoing consumer spending," but flagged deficits, sticky inflation and rising rates [1]. The Federal Reserve raised its policy