Dimon cites a “very, very serious” combination of headwinds, including inflation, high interest rates, and the Russian war in Ukraine.
JPMorgan Chase CEO Jamie Dimon is predicting that the US and the global economy will be plunged into a recession by the middle of 2023 due to what he calls a “very, very serious” combination of headwinds, including inflation, high interest rates and the Russian war in Ukraine.
He also predicted that American consumers would fare better than they did in the midst of the 2008 financial crisis, which saw the economy get hammered by a wave of housing foreclosures as well as mass layoffs. Jamie Dimon, who heads the largest bank in the US, thinks the Federal Reserve did not act quickly enough to tame inflation.Dimon criticized the Federal Reserve, saying it “waited too long and did too little” in hiking interest rates in hopes of taming runaway levels of inflation not seen in four decades.
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