Recession fears have markets into panic. But the leaders of America’s biggest banks and US consumers appear to be in good financial health.

JP Morgan Chase & CO. expects credit losses to remain abnormally low through March of 2023. Because customers haven’t yet drank cash balances that grew fatter during the pandemic executive say at the bank’s investor day on Monday.

Big picture the near-term credit outlook especially for the US consumer remains strong, said Chief Financial Officer Jeremy Varnam. Bank stocks soared Monday outpacing the broader market, JP Morgan shares closed up about 6% While the KBW NASDAQ Bank Index rose 4%. Recession fears have driven a sell-off and bank stocks this year.

Chief Executive Jamie Dimon said a recession isn’t out of the cards. The economy remains strong due to the actions Congress and the Federal Reserve took early on in the pandemic to prop it up he said and that is making it harder to see what’s ahead.