JPM’s Profit Plunge, Fed’s “Fantasy,” Delta Shares Soar 4/13/22

Carl Quintanilla, Jim Cramer and David Faber begin the hour by breaking down JPMorgan’s Q1 results. The big bank reported a $524 million hit from market dislocations caused by Russian sanctions. The company’s profit dropped 42% from a year earlier to $8.28 billion. Another big name reporting results to watch is Delta Air Lines, announcing it is expecting a return to profit this quarter thanks to a jump in bookings and fares. Also in the mix: St. Louis Fed President James Bullard said it is a “fantasy” to believe modest rate rises can effectively combat inflation.