When expressing concern about the U.S. economy, Jamie Dimon, CEO of JPMorgan Chase, says he “shouldn’t ever use the word storm.”
Jamie Dimon, CEO of JPMorgan, on the US economy
Jamie Dimon, the chairman and CEO of the multinational investment firm JPMorgan Chase, spoke with Fox Business on Tuesday to discuss the American economy.
Dimon added that he shouldn’t ever again use the word “hurricane” in reference to his earlier warning about an impending economic hurricane that everyone should prepare for.
The head of JPMorgan stressed that he is not foreseeing any particular event and added that what he is warning about “may be nothing” or “could be awful.” I think we should understand that I’m not foreseeing one above the other; I’m simply saying, be a little ready for both of them, he said.
Dimon is upbeat about the American consumer despite the current tumultuous economic climate.
They have more healthy checking account firms, which is what’s fueling the solid economy.
The JPMorgan CEO stated that the oil crisis has intensified as a result of Russia, Ukraine, oil, energy, food, and quantitative tightening.
The executive expressed his opinion in response to the Federal Reserve rising interest rates, stating that the concerns “may very well lessen,” leading in a “sort of Goldilocks light recession.”
I’m still being cautious about this, so. Dimon predicted a recession may start in six months in October of last year.
He warned that something worse than a recession could be on the horizon in August.