Prepare for an economic ‘storm,’ says Jamie Dimon

Prepare for an economic ‘storm,’ says Jamie Dimon

Prepare for an economic ‘storm,’ says Jamie Dimon
Advertisement

Jamie Dimon isn’t a meteorologist, but the JPMorgan Chase CEO predicts an economic “storm” fueled by the Ukraine conflict, rising inflationary pressures, and Federal Reserve interest rate hikes.

“This moment it’s sort of radiant, things are doing fine. Everybody figures the Fed can deal with this,” Dimon said at a Bernstein meeting.

“That storm is right out there in the distance coming our direction.”

“We simply couldn’t say whether it’s a minor one or Superstorm Sandy. You better support yourself,” Dimon said, adding that JPMorgan Chase (JPM) is getting ready for a “non-harmless climate” and “terrible results.”

Dimon said that the economy is “contorted” by expansion.

Advertisement

He’s likewise stressed that the Fed is beginning to loosen up its security portfolio, a cycle known as quantitative fixing, simultaneously it is raising loan costs.

Read More: A Russian gas company Shell’s gas supply will be reduced by Gazprom

That is something that the market isn’t ready for, Dimon said, adding that individuals will be “expounding on [this] in history books for a considerable length of time,”

However, the Fed is having a tough time. Dimon said the national bank should raise rates due to flooding lodging costs and other expansion pressures.

He focused on that he actually thinks the US banking framework is in “extraordinary shape” and can endure these difficulties.

Dimon likewise said that JPMorgan Chase will give its very best for a draw inability to keep steady over the monetary world. The CEO said the bank will be “strict” about compensating fairly to keep its best laborers.

Advertisement

Dimon’s more mindful standpoint comes only a couple of days after he sounded somewhat peppier about what’s next for the business sectors and the economy.

Talking at an investigator meeting toward the finish of May, Dimon expressed that there were “huge tempest mists” not too far off for the economy yet communicated trust that they may “disseminate.”

“Assuming it was a tropical storm, I would let you know that,” Dimon said at the expert gathering, adding that ongoing circumstances additionally aren’t like the “tidal wave” that banks looked in 2007 and 2008 when the home loan market was breaking down and a few huge monetary foundations fell.

Dimon may not be foreseeing a torrent at this time. Yet, a typhoon is sufficiently terrible, and positively more harmful than an ordinary tempest.

Dimon said he is likewise stressed over the contention in Ukraine and the effect it will have on oil costs, anticipating on Wednesday that it’s possible at rough costs to ultimately spike as high as $150 to $175 a barrel.

“Wars turn sour. They go south.

Advertisement

They have unseen side-effects,” he said, adding that this contention will keep on annoying the item advertises all over the planet, influencing the costs of oil, gas and wheat.

For the latest International News Follow BOL News on Google News. Read more on Latest International News on oldsite.bolnews.com

Advertisement
Advertisement
Read More News On

Catch all the Business News, Breaking News Event and Latest News Updates on The BOL News


Download The BOL News App to get the Daily News Update & Follow us on Google News.


End of Article

Next Story