JPMorgan’s CEO warns recession is coming

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JPMorgan's CEO warns recession is coming

IMPORTANT POINTS:

  • Jamie Dimon, CEO of JPMorgan, said that the United States may experience a recession.
  • “Interest rates may increase and that may lead to a recession. Inflation is affecting people,” he clarified.
  • Dimon also mentioned that the wars that the world is currently suffering will greatly affect the price of energy and food.

Jamie Dimon CEO of JPMorgan Chase, emphasized that inflation may continue to rise and, if that happens, leads to an economy in the United States.

Many things we see as dangerous and inflationary. prepare. Interest rates may rise and that may lead to a recessionDimon commented.

While he mentioned that the US labor market remains strong, he noted that the “Inflation affects people” so he is cautious about the economy.

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Most Wall Street analysts are optimistic that the Fed will start cutting interest rates in 2024. However, the bank’s CEO is not convinced because the 2% annual inflation target is still far away.

For this reason, he indicated that it is possible that the central bank keep raising rates another 1.5 percentage points, up to 7%.

JPMorgan sees geopolitical problems

Dimon believes that this context is the most dangerous in the world in decades, with the wars between Russia and Ukraine, and the conflict of the war in Gaza.

This will undoubtedly lead to higher energy and food prices, something that will lead to higher inflation for governments.

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In addition, the CEO discussed other problems that could affect humanity such as nuclear proliferation, climate change and the risk of another pandemic.