According to JPMorgan CEO Jamie Dimon, the U.S. economy may face "something worse" than a recession. Interest rates, QT, oil, Ukraine, war, and China are among the storm clouds, the executive said.
In a client call last week, Jamie Dimon, JPMorgan's chairman and CEO, shared his predictions about where the U.S. economy is heading.
Although the U.S. economy is strong, consumers' balance sheets and businesses are in good shape, the executive warned that forecasting must be done differently.
According to the JPMorgan chief: "What is out there?" Storm clouds are looming. “Rates, QT, oil, Ukraine, war, and China.”
In Dimon's words: "If I had to put odds, I would say 10% for a soft landing. He added: "Harder landing, mild recession, 20%, 30%."
There is a harder recession, 20%, 30%. Maybe something worse at 20% to 30%.
“It's a bad idea to say 'here is my single point forecast',” he said.
In June, he warned that a financial hurricane was “coming our way.” He advised investors to brace themselves.
In an interview with JPMorgan Chase's Olneyville branch, Dimon said that JPMorgan is prepared for whatever the future brings.
According to various analysts, the U.S. economy may enter a recession this year. According to Bank of America's head of U.S. economics, Michael Gapen, a mild recession is likely this year.
In his view, the Federal Reserve's war on inflation will inadvertently cause a downturn. Why do I think this cycle will end in a mild downturn? In essence, it's just history.
We believe there is a viable but challenging path to a soft landing, but several factors outside of the Fed's control can affect the likelihood of success."
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