What JPMorgan Chase’s earnings report can tell us about the state of the economy

By Matt Levin

We are in the thick of earnings season — that procession of corporations telling shareholders how they’ve been doing over the last three months. As usual, one of the first to report was JPMorgan Chase. ..“A credit reserve is the equivalent of a rainy day savings account, and the bank just put more money in their rainy day account,” said Karen Petrou, co-founder of Federal Financial Analytics. Some of the extra money is a hedge against trouble with European loans and some of it is a hedge against loan defaults here at home.