{"id":62815,"date":"2022-06-02T06:26:34","date_gmt":"2022-06-02T11:26:34","guid":{"rendered":"https:\/\/olduvai.ca\/?p=62815"},"modified":"2022-06-02T06:26:34","modified_gmt":"2022-06-02T11:26:34","slug":"brace-yourselves-for-an-economic-hurricane-jamie-dimon-says","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=62815","title":{"rendered":"Brace yourselves for an economic \u2018hurricane,\u2019 Jamie Dimon says"},"content":{"rendered":"
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Brace yourselves for an economic \u2018hurricane,\u2019 Jamie Dimon says<\/a><\/h3>\n<\/div>\n<\/div>\n<\/section>\n
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Jamie Dimon is no meteorologist, but the JPMorgan Chase CEO is predicting an\u00a0economic \u201churricane\u201d<\/a>\u00a0caused by the war in Ukraine, rising inflation pressures and interest rate hikes from the Federal Reserve.<\/p>\n

\u201cRight now it\u2019s kind of sunny, things are doing fine. Everyone thinks the Fed can handle this,\u201d\u00a0Dimon<\/a>\u00a0said at a Bernstein conference. \u201cThat hurricane is right out there down the road coming our way.\u201d<\/p>\n

\u201cWe just don\u2019t know if it\u2019s a minor one or Superstorm Sandy. You better brace yourself,\u201d Dimon said, adding that JPMorgan Chase\u00a0(JPM)<\/a>\u00a0is preparing for a \u201cnon-benign environment\u201d and \u201cbad outcomes.\u201d<\/p>\n

Dimon said that the economy is\u00a0\u201cdistorted\u201d by inflation<\/a>. He\u2019s 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\u2019s something that the market is not prepared for, Dimon said, adding that people will be \u201cwriting about [this] in history books for 50 years,\u201d<\/p>\n

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\"Jamie<\/picture><\/div>\n
JPMorgan shareholders vote down pay bump for CEO Jamie Dimon<\/div>\n<\/div>\n<\/div>\n<\/div>\n

But the Fed is in a bind. Dimon said the\u00a0central bank must raise rates<\/a>\u00a0because of surging housing prices and other inflation pressures. He stressed that he still thinks the US banking system is in \u201cgreat shape\u201d and can withstand these challenges.<\/p>\n

Dimon also said that JPMorgan Chase is going to do all it can to attract talent to stay on top of the financial world. The CEO said the bank will be \u201creligious\u201d about paying well to keep its best workers.<\/p>\n

Dimon\u2019s more\u00a0cautious outlook<\/a>\u00a0comes just a few days after he sounded a little more upbeat about what\u2019s next for the\u00a0markets<\/a>\u00a0and the economy.<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n

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Brace yourselves for an economic \u2018hurricane,\u2019 Jamie Dimon says Jamie Dimon is no meteorologist, but the JPMorgan Chase CEO is predicting an\u00a0economic \u201churricane\u201d\u00a0caused by the war in Ukraine, rising inflation pressures and interest rate hikes from the Federal Reserve. \u201cRight now it\u2019s kind of sunny, things are doing fine. Everyone thinks the Fed can handle […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[30934,4714,32935],"class_list":["post-62815","post","type-post","status-publish","format-standard","hentry","category-economics","tag-cnn-business","tag-jamie-dimon","tag-paul-r-la-monica"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62815","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=62815"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62815\/revisions"}],"predecessor-version":[{"id":62816,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62815\/revisions\/62816"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=62815"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=62815"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=62815"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}