Posted on 11/11/2022 5:08:59 AM PST by FarCenter
TOKYO -- Conditions for an economic storm, including monetary tightening, inflation and the war in Ukraine, have all fallen into place, JPMorgan Chase CEO Jamie Dimon told Nikkei, warning that the world could see more "surprises" like the near meltdown of U.K. pension funds.
Dimon had previously predicted an economic "hurricane" in June, challenging the more bullish outlook held by other Wall Street executives at the time.
"The storm I was talking about, or the potential storm, includes inflation, higher rates, global tightening, quantitative tightening and the effect of the war on the global economy -- particularly oil prices, food prices, supply chain issues, etc.," he said. "Those things have all kind of happened."
"These are very serious issues we have had to deal with" and "we still don't know what the outcome will be," he said.
The U.S. Federal Reserve raised interest rates by 0.75 point for the fourth straight time October. But "central banks came too late to the game" because they saw inflation as a temporary phenomenon, Dimon said.
"It looks like the United States will go to close to 5%" by the end of the year then take a pause, he said, predicting that "hopefully inflation will be coming down" by then.
But he also pointed to factors that could lead the Fed to continue raising rates.
"There are plentiful jobs. Wages are going up," he said. "Usually what happens is that the unemployment rate goes up a little bit, and the jobs are not as plentiful as before, and that reduces wage inflation. You haven't quite seen that yet."
Barring major economic impacts from the Ukraine war, the economy is likely headed into a "mild recession," he said.
(Excerpt) Read more at asia.nikkei.com ...
Purposefully.
rail strike was not cancelled
only postponed
To December 11th if not mistaken.
Maybe, maybe not.
Jamie Dimon isn't listening to his own chief economist, but is apparently relying on his own opinions (why would that be?).
Here's what JP Morgan's chief economist had to say bout this back in June of this year.
JPM’s chief economist, others disagree with Dimon’s ‘hurricane’ warning
This is the same Jamie Dimon who has been forcing his company’s employees back to the office because he built a $3 billion monument to himself for the company’s headquarters in NYC and couldn’t face the prospect of having it sit mostly vacant.
Amen.
Tell us Jamie, which stocks are you SHORTING.
The majority of the world’s population is growing older. Labor prices will continue to rise especially in fields that can’t be automated.
Yep.
The DOW is up 1,200 points, now in 33,000 territory. WTH does that mean?
Jamie thinks we may be headed for a recession...Dipshit.
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