Bitcoin News and Finance JPMorgan CEO Jamie Dimon Warns of Incoming Economic Hurricane — Says ‘You Better Brace Yourself’ Skip to main content

JPMorgan CEO Jamie Dimon Warns of Incoming Economic Hurricane — Says ‘You Better Brace Yourself’

JPMorgan CEO Jamie Dimon Warns of Incoming Economic Hurricane — Says 'You Better Brace Yourself'

JPMorgan CEO Jamie Dimon has warned that an economic “hurricane” is coming. “You better brace yourself,” he advised. “We just don’t know if it’s a minor one or Superstorm Sandy.”

Jamie Dimon on the U.S. Economy and QT

The CEO of JPMorgan & Chase, Jamie Dimon, warned about an incoming economic hurricane Wednesday at a financial conference sponsored by Alliancebernstein Holdings.

“It’s a hurricane,” Dimon exclaimed. While noting that “Right now it’s kind of sunny, things are doing fine, everyone thinks the Fed can handle it,” the JPMorgan executive stressed:

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 JPMorgan chief said in May that there were “storm clouds.” However, he has now revised his forecast. “I said there’s storm clouds, they’re big storm clouds, they’re — it’s a hurricane,” he cautioned. “JPMorgan is bracing ourselves and we’re going to be very conservative with our balance sheet.”

Dimon is concerned about several key issues. Firstly, the Federal Reserve is expected to reverse its emergency bond-buying programs and shrink its balance sheet, and the quantitative tightening (QT) is scheduled to begin this month.

The JPMorgan boss opined:

We’ve never had QT like this, so you’re looking at something you could be writing history books on for 50 years.

He explained that central banks “don’t have a choice because there’s too much liquidity in the system … They have to remove some of the liquidity to stop the speculation, reduce home prices and stuff like that.”

Dimon is also worried about the Russia-Ukraine war and its impact on commodities, including food and fuel. He warned that oil could potentially hit $150 to $175 a barrel.

Warning that “wars go bad” and there are “unintended consequences,” the executive stressed:

We’re not taking the proper actions to protect Europe from what’s going to happen to oil in the short run.

Last month, Dimon told Bloomberg that the Federal Reserve should have moved sooner to raise interest rates. He admitted that he is worried about the Fed starting a recession.

A growing number of people have recently warned of a recession, including the Big Short investor Michael Burry, Allianz’s chief economic advisor Mohamed El-Erian, and Tesla CEO Elon Musk.

Blackrock, the world’s largest asset manager with nearly $10 trillion under management, recently explained: “If they [the Fed] hike interest rates too much, they risk triggering a recession. If they tighten not enough, the risk becomes runaway inflation.”

What do you think about JPMorgan CEO Jamie Dimon’s warning? Let us know in the comments section below.

Comments

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Blogarama - Blog Directory