JPMorgan CEO Jamie Dimon warns an economic ‘HURRICANE’ is coming

“That hurricane is right out there, down the road, coming our way,” he added. “You better brace yourself.”

This was caused by Biden and the Democrats. And they propose more spending which means more inflation.

Don't think I've ever heard Jamie Dimon sound panicked like this. https://t.co/k1rufEub6G

— Cate Long (@cate_long) June 1, 2022

JPMorgan CEO Jamie Dimon warns an economic ‘hurricane’ is coming

By Thomas Barrabi, NY Post, June 1, 2022:

JPMorgan Chase boss Jamie Dimon urged investors Wednesday to prepare themselves for turbulence in the market in the weeks ahead – warning that extraordinary financial circumstances were creating a potential “hurricane” for the economy.

Dimon, the head of the largest US bank, said factors such as the Russian invasion of the Ukraine and the Federal Reserve’s move to tighten monetary policy due to decades-high inflation could stoke chaotic conditions in the market.

“It’s a hurricane. Right now, it’s kind of sunny, things are doing fine, everyone thinks the Fed can handle this,” Dimon said during a conference sponsored by AllianceBernstein, according to Bloomberg.

“That hurricane is right out there, down the road, coming our way,” he added. “We just don’t know if it’s a minor one or Superstorm Sandy or Andrew or something like that. You better brace yourself.”

The Federal Reserve is set to begin shedding its nearly $9 trillion in bond holdings this month in a process known as “quantitative tightening.” Central bank officials are also expected to enact another half-percentage point interest rate at their meeting later this month.

The Fed is cutting off the pandemic-era flow of cheap money and tightening credit as it aims to bring down consumer prices to acceptable levels. But the Fed’s hawkish policy shift has spooked investors who fear it will result in a recession.

Meanwhile, the Russia-Ukraine war has prompted further disruptions to global supply chains and contributed to an international energy crisis that has resulted in record-high gas prices for American motorists – with benchmark oil prices well above $100 per barrel.

“JPMorgan is bracing ourselves and we’re going to be very conservative with our balance sheet,” Dimon added.

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