Dimon Warns of US Economic ‘Hurricane’

Jamie Dimon, CEO of JPMorgan Chase. Photo Steve Jurvetson, CC BY 2.0

Jamie Dimon, chairman and chief executive officer of JPMorgan Chase & Co., described the challenges facing the U.S. economy akin to an “hurricane” down the road and urged the Federal Reserve to take forceful measures to avoid tipping the world’s biggest economy into a recession.

Dimon’s comments come a day after President Jo Biden met with Federal Reserve Chair Jerome Powell to discuss inflation, which is hovering at 40-year highs.

“It’s a hurricane,” Dimon told a banking conference, adding that the current situation is unprecedented. “Right now, it’s kind of sunny, things are doing fine. Everyone thinks the Fed can handle this. 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,” he added.

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