The CEO of JPMorgan Chase warned Americans to “brace” themselves for the economic “hurricane” headed “down the road.”
Speaking at a Bernstein conference, Jamie Dimon said the war in Ukraine combined with rising inflation and rising interest rates spell doom.
“Right now it’s kind of sunny, things are doing fine. Everyone thinks the Fed can handle this,” Dimon said, according to CNN. “That hurricane is right out there down the road coming our way.”
“We just don’t know if it’s a minor one or Superstorm Sandy. You better brace yourself,” the billionaire reportedly said, adding JPMorgan Chase is preparing for “bad outcomes.”
Dimon said despite the challenges he still has hope that the banking system can withstand any issues and said it’s in “great shape.”
Days earlier, Dimon warned of “big storm clouds” but said he hopes things would ease up, according to CNN.
“If it was a hurricane, I would tell you that,” Dimon reportedly said at a recent analyst meeting.
This is an excerpt from the Daily Caller.
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