JP Morgan Chief Warns of “Something Worse Than Hard Recession” amid “Economic Hurricane”
CEO Jamie Dimon gave the grave prediction during a phone call last week, according to a Yahoo finance report - noting that there are “storm clouds” on the horizon.
“What is out there? There are storm clouds. Rates, QT, oil, Ukraine, war, China,” Dimon said. “Right now, it’s kind of sunny, things are doing fine. Everyone thinks the Fed can handle this. That hurricane is right out there, down the road, coming our way. We just don’t know if it’s a minor one or Superstorm Sandy,” he continued.
The comments come amid soaring food prices in the US - rising 13.1% - and shelter - which also rose 5.7%.