Dimon said the worst outcome for the U.S. economy will be a 'stagflation' scenario, where inflation continues to rise, but growth slows amid high unemployment.
JPMorgan Chase & Co CEO Jamie Dimon arrives for a Senate Banking, Housing, and Urban Affairs Committee hearing on Capitol Hill September 22, 2022 in Washington, DC.about the prospect of a hard landing, Dimon replied: "Could we actually see one? Of course, how could anyone who reads history say there's no chance?"Dimon said the worst outcome for the U.S.
"I look at the range of outcomes and again, the worst outcome for all of us is what you call stagflation, higher rates, recession. That means corporate profits will go down and we'll get through all of that. I mean, the world has survived that but I just think the odds have been higher than other people think."
However, he said that "the consumer is still in good shape" even if the economy slips into recession. He pointed to the unemployment rate, which has been below 4% for about two years, adding that wages, home prices and stock prices have been going up. That said, Dimon points out that consumer confidence levels are low. "It seems to be mostly because of inflation...The extra money from COVID has been coming down. It's still there, you know, at the bottom 50% it's kind of gone. So it's I'm gonna call it normal, not bad.
Economy Breaking News: Economy JPMORGAN DRN Breaking News: Markets Asia Economy Breaking News: Asia Jamie Dimon Markets Central Banking Interest Rates Business News
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
JPMorgan CEO Jamie Dimon hopes for soft landing for U.S. economy but says stagflation is possibleThe Associated Press
Read more »
JPMorgan CEO Jamie Dimon Says US And The West Should ‘Fully Engage’ With China, Despite DifferencesSiladitya Ray is a reporter on the Forbes news team who covers major world news stories breaking overnight with a focus on technology and online platforms. He joined Forbes in 2020 and works in New Delhi.
Read more »
JPMorgan CEO Jamie Dimon signals retirement is closer than everThe ambiguity of Dimon's plans has made succession timing at JPMorgan one of the persistent questions for the bank's investors and analysts.
Read more »
JPMorgan Chase CEO Jamie Dimon signals retirement is closer than everJPMorgan Chase CEO Jamie Dimon told analysts and investors at the firm's annual investor day that he expects to depart from his role within the next five years.
Read more »
These bank stocks are also expensive, along with JPMorgan, using Jamie Dimon’s mathConsidering its price-to-tangible book value, JPMorgan is currently selling at lofty prices, as are a handful of other financials.
Read more »
JPMorgan's Jamie Dimon says US needs to act on its deficitJPMorgan CEO Jamie Dimon warned again on Wednesday that the U.S. government must address its runaway spending before the situation results in a crisis.
Read more »