I should never use the word hurricane - Economics
I should never use the word hurricane - Economics
Jamie Dimon, CEO of JPMorgan Chase, says he "should never use the word hurricane" if he warns of the US economy. However, he insisted that there are "storm clouds" that "could be a hurricane".
Jamie Dimon, CEO of JPMorgan, about the US economy
The CEO of the global investment bank JPmorgan Chase, Jamie Dimon, spoke in an interview with Fox Business on US economy on Tuesday
In terms of his previous warning of an incoming which everyone should adjust to, said Dimon:
I should never use the word hurricane.
he made it clear: "What I said was that there were storm clouds that could mitigate themselves, and people said: 'Oh, he doesn't think it's a big deal.' So I said: 'No, these storm clouds could be a hurricane
The JPmorgan boss emphasized that he did not make a certain scenario, and added that what he warned, "nothing" or "could be bad". He explained: "I think we should understand that I don't predict one or the other, I only say, be a little prepared for both."
Despite the currently uncertain economic environment, Dimon is still optimistic about American consumers. "The consumer is still strong," he described. "Your balance sheets are in good shape. They spend 10 % more than in front of Covid. They have more companies in their current accounts that are in good shape, and that drives up a strong economy."
In terms of the oil crisis, the JPMorgan boss said: "It is tightened for Russia, Ukraine, oil, energy, food, quantitative tightening."
The executive commented on the interest rate of the Federal Reserve as follows:
will it be enough to raise interest rates to 5 %? And that has enormous effects on smaller countries, poor nations, those that rely on the import of oil and gas.
These uncertainties "could alleviate themselves very well", which would lead to a "kind of Goldilock's mild recession", he added. "But maybe not," he warned too. "So I'm still on the careful side in this matter." In October last year, Dimon A REZESSE could strike in six months. In August he said something worse as a recession.
What do you think of Jamie Dimon's statements, CEO by JPMorgan Chase? Let us know in the comment area below.
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