JPMorgan CEO Jamie Dimon has already warned about the state of the economy but has now doubled down, revealing exactly what worries him.
Dimon is one of the most influential leaders in finance, so when he expresses concerns about the economy, people take notice. In early June he warned an economic “hurricane is right out there down the road coming our way,” but he’s now revealed what he believes are the biggest issues creating that hurricane.
According to CNBC, Dimon made his comments at JPMorgan Chase’s latest quarterly release. Dimon acknowledged there were some bright spots, such as the “economy continues to grow and both the job market and consumer spending, and their ability to spend, remain healthy.”
Dimon then went on to highlight the plethora of negative factors that he believes will take a toll on the economy:
“But geopolitical tension, high inflation, waning consumer confidence, the uncertainty about how high rates have to go and the never-before-seen quantitative tightening and their effects on global liquidity, combined with the war in Ukraine and its harmful effect on global energy and food prices are very likely to have negative consequences on the global economy sometime down the road.”
In his comments in June, Dimon said it was still unclear what kind of economic hurricane was on the horizon, whether “it’s a minor one or Superstorm Sandy.” It’s a safe bet his latest comments aren’t going to ease too many people’s minds.
