Jamie Dimon is no meteorologist, but the JPMorgan Chase CEO is predicting an economic 'hurricane' caused by the war in Ukraine, rising inflation pressures and interest rate hikes from the Federal Reserve.
NEW YORK -- Jamie Dimon is no meteorologist, but the JPMorgan Chase CEO is predicting an economic"hurricane" caused by the war in Ukraine, rising inflation pressures and interest rate hikes from the Federal Reserve.
"We just don't know if it's a minor one or Superstorm Sandy. You better brace yourself," Dimon said, adding that JPMorgan Chase is preparing for a"non-benign environment" and"bad outcomes."Dimon said that the economy is"distorted" by inflation. He's also worried that the Fed is starting to unwind its bond portfolio, a process known as quantitative tightening, at the same time it is raising interest rates.
Dimon's more cautious outlook comes just a few days after he sounded a little more upbeat about what's next for the markets and the economy. "If it was a hurricane, I would tell you that," Dimon said at the analyst meeting, adding that current conditions also aren't like the"tsunami" that banks faced in 2007 and 2008 when the mortgage market was melting down and several large financial institutions collapsed.
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