Get ready for an economic “hurricane”, JP Morgan CEO warns
JPMorgan Chase CEO, Jamie Dimon, has warned of an impending economic “hurricane” and advised those listening to brace up.
Dimon made the comment while speaking at a financial conference sponsored by AllianceBernstein in New York.
The JPMorgan Chase CEO highlighted two issues that he is concerned about: the Russia-Ukraine
conflict and how it is affecting growing fuel and food costs, and the Federal
Reserve’s efforts to combat inflation by raising interest rates and shrinking its balance sheet.
It’s a hurricane. Right now, it’s kind of sunny, things are doing fine. Everyone thinks the Fed can handle this
,” Jamie Dimon said during a financial conference.
That hurricane is right out there down the road, coming our way.
We just don’t know if it’s a minor one or Superstorm Sandy or Andrew or something like that, and you better brace yourself
,” he added.
The Fed’s interest rate hikes, according to Dimon, could backfire and lead to a recession.