Home News JPMorgan CEO Jamie Dimon warns of economic “hurricane” from Ukraine and Fed tightening

JPMorgan CEO Jamie Dimon warns of economic “hurricane” from Ukraine and Fed tightening

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JPMorgan Chase chairman and CEO Jamie Dimon told investors Wednesday to brace for an economic “hurricane,” pointing to the Fed and Russia’s invasion of Ukraine.

Driving the news: “You know, I said there’s storm clouds, but I’m going to change it … it’s a hurricane,” Dimon said at a financial conference.

“That hurricane is right out there down the road coming our way,” he added. “We just don’t know if it’s a minor one or Superstorm Sandy. You have to brace yourself.”Flashback: The banker said on a conference call in April that the U.S. was facing “storm clouds on the horizon.”

“I hope those things disappear and go away, we have a soft landing and the war is resolved,” he told analysts at the time. “I just wouldn’t bet on all of that.”The big picture: Dimon cited two main factors while speaking at the Strategic Decisions Conference in New York:

The Fed’s decision to shrink its holdings of securities acquired under its quantitative easing program by up to $95 billion a month.Russia’s invasion of Ukraine and its impact on the global economy. Dimon said in his annual letter to JPMorgan’s shareholders that the “war in Ukraine and the sanctions on Russia, at a minimum, will slow the global economy — and it could easily get worse.”
Source : Axios

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NEWS7.ASIA :JPMorgan CEO Jamie Dimon warns of economic “hurricane” from Ukraine and Fed tightening
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news7.asia JPMorgan CEO Jamie Dimon warns of economic “hurricane” from Ukraine and Fed tightening