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JP Morgan CEO Jamie Dimon believes the U.S. economy could experience a ‘soft landing’ from recent volatility, but talks about some uncertainties ahead I am warning you.
of CNBC interview, Dimon said economic uncertainty was higher than usual, but said consumers had more money and job opportunities, and wages for low-income workers were rising. Wage gains, after decades of little real gains, are “amazing,” he said. According to Dimon, the economy is “great. That’s what it is today.” But he says, “We have something terrible in front of us.”
Dimon points to several broad reasons for uncertainty, including the Federal Reserve enacting quantitative tightening.”Russia, Ukraine, oil and gas, war, immigration. , trade, China’ specter is also looming.
The CEO warned that US inflation may not return to 2% after consumer price inflation hit 6.4% in January alone. Dimon said the Federal Reserve may be losing control of inflation thanks to massive government spending.
To show he’s not pessimistic, Dimon indicated that JP Morgan has a strategy for dealing with recessions, but that banks have yet to use it. In general, Dimon advises consumers to prepare for long-term inflation, but there is some hope that interest rates will normalize.