By Mike LaChance
While speaking to investors and analysts, JP Morgan CEO Jamie Dimon recently said that a hurricane is coming to the U.S. economy.
Words like these are not encouraging for the millions of Americans who are already struggling financially, but this is the reality we are facing.
It’s a stark difference from the way people felt about the economy under Trump.
Jamie Dimon says ‘brace yourself’ for an economic hurricane caused by the Fed and Ukraine war
JPMorgan Chase CEO Jamie Dimon says he is preparing the biggest U.S. bank for an economic hurricane on the horizon and advised investors to do the same.
“You know, I said there’s storm clouds but I’m going to change it … it’s a hurricane,” Dimon said Wednesday at a financial conference in New York. While conditions seem “fine” at the moment, nobody knows if the hurricane is “a minor one or Superstorm Sandy,” he added.
“You’d better brace yourself,” Dimon told the roomful of analysts and investors. “JPMorgan is bracing ourselves and we’re going to be very conservative with our balance sheet.”
Beginning late last year with high-flying tech names, stocks have been hammered as investors prepare for the end of the Federal Reserve’s cheap money era. Inflation at multidecade highs, exacerbated by supply chain disruptions and the coronavirus pandemic, has sown fear that the Fed will inadvertently tip the economy into recession as it combats price increases…
“Right now, it’s kind of sunny, things are doing fine, everyone thinks the Fed can handle this,” Dimon said. “That hurricane is right out there, down the road, coming our way.”
Here’s the video:
— Bloomberg (@business) June 1, 2022
It’s a little scary to hear a leader in the financial world say things like this.
How bad are things going to get?