In the coming weeks, Americans were warned by JPMorgan Chase boss Jamie Dimon that a hurricane is coming to the U.S. economy.
Dimon warned while speaking to investors and analysts that there will be an economic hurricane and urged the Federal Reserve to take forceful measures to avoid tipping the world’s biggest economy into a recession.
Although how bad it will be is anyone’s guess.
The economy has been rocked by supply chain issues, global shortages, rising gas prices, and skyrocketing inflation. Individuals and companies looking for good news were in for a disappointment, with Dimon warning an investor conference that a hurricane is coming.
Here’s what the CEO said:
“That hurricane is right out there down the road coming our way. We don’t know if it’s a minor one or Superstorm Sandy. You better brace yourself.”
Welcome to Biden’s version of America that we thought will only happen in an alternate universe. I know words like these are not encouraging for the millions of Americans who are already struggling financially, but this is the reality we are facing.
It’s a stark difference from the way people felt about the economy under Trump.
More details of this report from CNBC:
Jamie Dimon says ‘brace yourself’ for an economic hurricane caused by the Fed and Ukraine war
JPMorgan Chase CEO Jamie Dimon says he is preparing the biggest U.S. bank for an economic hurricane on the horizon and advised investors to do the same.
“You know, I said there’s storm clouds but I’m going to change it … it’s a hurricane,” Dimon said Wednesday at a financial conference in New York. While conditions seem “fine” at the moment, nobody knows if the hurricane is “a minor one or Superstorm Sandy,” he added.
“You’d better brace yourself,” Dimon told the roomful of analysts and investors. “JPMorgan is bracing ourselves and we’re going to be very conservative with our balance sheet.”
Beginning late last year with high-flying tech names, stocks have been hammered as investors prepare for the end of the Federal Reserve’s cheap money era. Inflation at multidecade highs, exacerbated by supply chain disruptions and the coronavirus pandemic, has sown fear that the Fed will inadvertently tip the economy into recession as it combats price increases…
“Right now, it’s kind of sunny, things are doing fine, everyone thinks the Fed can handle this,” Dimon said. “That hurricane is right out there, down the road, coming our way.”
It’s a little scary to hear a leader in the financial world say things like this.
How bad are things going to get?
Watch the video below:
JPMorgan CEO Jamie Dimon says there’s a “hurricane” coming for the US economy and that “you better brace yourself” https://t.co/InCDVUx7Cz pic.twitter.com/LWFzjhxWR1
— Bloomberg (@business) June 1, 2022
Sources: TheGatewayPundit, CNBC