Biden's America: Jamie Dimon is warning that an economic 'hurricane' is on the way: 'You better brace yourself'

[SugarDaddy1]

NEW YORK -- Jamie Dimon is no meteorologist, but the JPMorgan Chase CEO is predicting an economic "hurricane" caused by the war in Ukraine, rising inflation pressures and interest rate hikes from the Federal Reserve.

"Right now it's kind of sunny, things are doing fine. Everyone thinks the Fed can handle this," Dimon said at a Bernstein conference. "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. You better brace yourself," Dimon said, adding that JPMorgan Chase is preparing for a "non-benign environment" and "bad outcomes."

Dimon said that the economy is "distorted" by inflation. He's also worried that the Fed is starting to unwind its bond portfolio, a process known as quantitative tightening, at the same time it is raising interest rates. That's something that the market is not prepared for, Dimon said, adding that people will be "writing about [this]in history books for 50 years."

https://abc7chicago.com/jamie-dimon-news-comments-cnbc-recession/11915635/

 

[ll74]

Sounds like he's not happy about interest rate hikes.

Wonder why. ¯\(°_o)/¯

 

[Rightguide]

https://abc7chicago.com/jamie-dimon-news-comments-cnbc-recession/11915635/

It will be here just in time for the election.

 

[pecksniff]

Jamie Dimon is no meteorologist

Nor is he an economist (though he did major in psychology and economics at Tufts).