Jamie Dimon, Head Of Largest US Bank, Predicts “Economic Hurricane” In Next Few Months
JPMorgan Chase CEO Jamie Dimon is telling investors to batten down the hatches, as the Ukraine war and the Federal Reserve’s monetary policy are potentially creating an economic hurricane.
Dimon, speaking at a financial conference sponsored by AllianceBernstein, said, “It’s a hurricane. Right now, it’s kind of sunny, things are doing fine, everyone thinks the Fed can handle this,” according to Bloomberg.
However, “That hurricane is right out there, down the road, coming our way,” he added. “We just don’t know if it’s a minor one or Superstorm Sandy or Andrew or something like that. You better brace yourself.”
Dimon’s warning echoed one made earlier by former Goldman Sachs CEO Lloyd Blankfein, who told CBS talk show Face the Nation last month that there is a “very, very high risk” factor for an economic recession.
The Federal Reserve is shedding nearly $9 trillion in bond holdings, and are looking to enact another interest rate raise at their meeting in June.
“JPMorgan is bracing ourselves and we’re going to be very conservative with our balance sheet,” Dimon said.
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