JPMorgan Chase CEO Jamie Dimon has just warned the American public that a hurricane is going to hit the U.S. economy very soon, perhaps in a few weeks in fact.
While speaking with investors and analysts about the warning, he also asserted that the Federal Reserve take action to avoid tipping the world’s largest economy into the ground, thus starting a recession.
How bad this potential drop will be is uncertain at this point, although we can assume the worst.
In the recent months, the U.S. economy has taken a hit from multiple sources including supply chain issues, global shortages, exceedingly high gas prices, as well as the record-breaking inflation. Sadly, while everyone was hoping for some good news after all that’s happened, Dimon warned that a hurricane is on its way.
Here’s what the CEO said:
“That hurricane is right out there down the road coming our way. We don’t know if it’s a minor one or Superstorm Sandy. You better brace yourself.”
Now, Biden’s version of America that we thought would only occur in an alternate universe is soon to become the unfortunate reality. And while these words are far from encouraging for the millions of Americans currently struggling financially, there’s no way to sugar coat the situation.
Interestingly, this economy is a stark contrast from how people felt about the economy under Trump.
More details of this report from CNBC:
Jamie Dimon says ‘brace yourself’ for an economic hurricane caused by the Fed and Ukraine war
JPMorgan Chase CEO Jamie Dimon says he is preparing the biggest U.S. bank for an economic hurricane on the horizon and advised investors to do the same.
“You know, I said there’s storm clouds but I’m going to change it … it’s a hurricane,” Dimon said Wednesday at a financial conference in New York. While conditions seem “fine” at the moment, nobody knows if the hurricane is “a minor one or Superstorm Sandy,” he added.
“You’d better brace yourself,” Dimon told the roomful of analysts and investors. “JPMorgan is bracing ourselves and we’re going to be very conservative with our balance sheet.”
Beginning late last year with high-flying tech names, stocks have been hammered as investors prepare for the end of the Federal Reserve’s cheap money era. Inflation at multidecade highs, exacerbated by supply chain disruptions and the coronavirus pandemic, has sown fear that the Fed will inadvertently tip the economy into recession as it combats price increases…
“Right now, it’s kind of sunny, things are doing fine, everyone thinks the Fed can handle this,” Dimon said. “That hurricane is right out there, down the road, coming our way.”
Let’s be honest: it’s terrifying to hear a leader in the financial world say things like this.
How bad are things going to get?
Watch the video below:
JPMorgan CEO Jamie Dimon says there’s a “hurricane” coming for the US economy and that “you better brace yourself” https://t.co/InCDVUx7Cz pic.twitter.com/LWFzjhxWR1
— Bloomberg (@business) June 1, 2022
Sources: TheGatewayPundit, CNBC
