Contextual Answers API

payload = {
    "context": "In 2020 and 2021, enormous QE — approximately $4.4 trillion, or 18%, of 2021 gross domestic product (GDP) — and enormous fiscal stimulus (which has been and always will be inflationary) — approximately $5 trillion, or 21%, of 2021 GDP — stabilized markets and allowed companies to raise enormous amounts of capital. In addition, this infusion of capital saved many small businesses and put more than $2.5 trillion in the hands of consumers and almost $1 trillion into state and local coffers. These actions led to a rapid decline in unemployment, dropping from 15% to under 4% in 20 months — the magnitude and speed of which were both unprecedented. Additionally, the economy grew 7% in 2021 despite the arrival of the Delta and Omicron variants and the global supply chain shortages, which were largely fueled by the dramatic upswing in consumer spending and the shift in that spend from services to goods. Fortunately, during these two years, vaccines for COVID-19 were also rapidly developed and distributed.In today's economy, the consumer is in excellent financial shape (on average), with leverage among the lowest on record, excellent mortgage underwriting (even though we've had home price appreciation), plentiful jobs with wage increases and more than $2 trillion in excess savings, mostly due to government stimulus. Most consumers and companies (and states) are still flush with the money generated in 2020 and 2021, with consumer spending over the last several months 12% above pre-COVID-19 levels. (But we must recognize that the account balances in lower-income households, smaller to begin with, are going down faster and that income for those households is not keeping pace with rising inflation.) Today's economic landscape is completely different from the 2008 financial crisis when the consumer was extraordinarily overleveraged, as was the financial system as a whole — from banks and investment banks to shadow banks, hedge funds, private equity, Fannie Mae and many other entities. In addition, home price appreciation, fed by bad underwriting and leverage in the mortgage system, led to excessive speculation, which was missed by virtually everyone — eventually leading to nearly $1 trillion in actual losses.",
    "question": "Did the economy shrink after the Omicron variant arrived?"
}

{
  "id": "36d2ec63-ef15-2296-af51-ef34206fc655",
  "answer": "The Delta and Omicron variants and the global supply chain shortages did not slow down economic growth."
}

payload = {
    "question": "During the past decade, what amount did the bank remunerate the Federal Deposit Insurance Corporation?",
    "labels": ["financial_reports", "banking"]
}

{
   "id":"28a6f1a8-31f3-cca4-d71a-6bca2e62d124",
   "answerInContext":true,
   "answer":"JPMorgan Chase paid the Federal Deposit Insurance Corporation $11 billion over the past decade.",
   "sources":[
      {
         "document_id":"f8527829-c036-4d3a-9a6e-3169f4db1765",
         "name":"examples/banking/jpmorgan-annual-report-2021.txt",
         "highlights":[
            "I do just want to note that in our case, the silent partner is not so silent.\n\nJPMorgan Chase is a healthy and thriving company, and we always want to give\r\nback and pay our fair share.\n\nWe do — and we want it to be spent well and have\r\nthe greatest impact.\n\nTo give you an idea of where our taxes and fees go: In the\r\nlast 10 years, we paid $42 billion in federal, state and local taxes in the United\r\nStates and $17 billion in taxes outside of the United States.\n\nWe also paid the\r\nFederal Deposit Insurance Corporation $11 billion so that it has the resources\r\nto cover the failure of any major American bank.",
            "31 Traditional assets include Equity, Fixed Income, Multi-Asset and Liquidity assets under\r\n2 Federal Deposit Insurance Corporation (“FDIC”)\n\n2021 Summary of Deposits survey per S&P                 management; Brokerage, Administration and Custody assets under supervision.",
            "In addition to banks’ shrinking global role, you\r\n  U.S. debt and equity markets, down from 11%         can see that the number of public companies,\r\n  in 2010.\n\nwhich should have grown substantially over the\r\n• Conversely, U.S. banks’ liquid assets are up        past decade, is remarkably reduced.\n\nInstead, U.S.\r\n  more than 300% to $8.6 trillion, most of which      public companies peaked in 1996 at 7,300 and\r\n  is needed to meet liquidity requirements.\n\nnow total 4,800.\n\nConversely, the number of pri-\r\n                                                      vate U.S. companies backed by private equity\r\n• Banks’ share of mortgage originations has           companies has grown from 1,600 to 10,100 — a\r\n  gone from 91% to 32%.\n\nremarkable increase.",
            "Before we give an update on the\r\n                                                        million customer accounts — refunding more\r\nstructural shifts taking place, it would be good to\r\n                                                        than $250 million for nearly 2 million consumer\r\naddress the question: How did banks perform\r\n                                                        deposit and lending accounts and offering\r\nduring the recent COVID-19 crisis?",
            "Although I begin this annual letter to shareholders in a challenging landscape,\r\nI remain proud of what our company and our hundreds of thousands of employ-\r\nees around the world have achieved, collectively and individually.\n\nAs you know,\r\nwe have long championed the essential role of banking in a community — its\r\npotential for bringing people together, for enabling companies and individuals to\r\nreach for their dreams, and for being a source of strength in difficult times.\n\nThroughout these past two challenging years, we never stopped doing all the\r\nthings we should be doing to serve our clients and our communities.\n\nLooking back on the last year and the past two decades — starting from my time\r\nas CEO of Bank One in 2000 — it is clear that our financial discipline, constant\r\ninvestment in innovation and ongoing development of our people are what\r\nenabled us to persevere in our steadfast dedication to help clients, communities\r\nand countries throughout the world."
         ],
         "publicUrl":"https://www.jpmorganchase.com/ir/annual-report"
      }
   ]
}