JPMorgan CEO Jamie Dimon Warns of Recession — Says ‘Huge Mistake’ to Think US Economy Will Boom for Years

Jamie Dimon, president and CEO of JPMorgan Chase, has warned that it is “a immense mistake” to deliberation that the U.S. system volition roar “for years” fixed that determination are truthful galore risks retired there. The enforcement stressed: “I conscionable deliberation radical marque a mistake to look astatine real-time numbers and not look astatine the future. And the aboriginal has quantitative tightening. We’ve been spending wealth similar drunken sailors astir the world.”

Jamie Dimon’s Economic Warning

JPMorgan Chase CEO Jamie Dimon warned astir wherever the U.S. system is headed astatine the Barclays 21st Annual Global Financial Services Conference successful New York connected Monday.

The enforcement cautioned: “I conscionable deliberation radical marque a mistake to look astatine real-time numbers and not look astatine the future. And the aboriginal has quantitative tightening. We’ve been spending wealth similar drunken sailors astir the world, this warfare successful Ukraine is inactive going on.” Dimon emphasized:

To accidental the user is beardown today, meaning you are going to person a booming situation for years, is simply a immense mistake.

“If and erstwhile you person a recession, which you’re yet going to have, you’ll person a mean recognition cycle, which I deliberation is rather predictable. In a mean recognition cycle, thing ever does worse than normal,” helium described.

The JPMorgan brag opined: “There’s a batch of fiscal stimulus taking spot retired there. And the ample 1 from Covid is inactive moving through. The largest QE is inactive moving through. So we’re inactive surviving connected that, and that’s truly strong. And of course, that drives everything, including concern results.”

Dimon further explained that “businesses consciousness beauteous bully due to the fact that they look astatine their existent results” and spot that “they’re not truthful bad.” However, helium cautioned:

But those things change. And we don’t cognize what the afloat effect of each these things are going to beryllium 12 oregon 18 months from now.

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