JPMorgan Chase CEO Jamie Dimon is warning that a recession could hit the United States within the next six to nine months.
Conceding that the U.S. economy is “actually still doing well” at the moment, Dimon, one of the foremost voices in finance, theorized that a “very, very serious” storm of economic headwinds could soon converge and tip the economy into recession territory in the not-too-distant future."You can’t talk about the economy without talking about stuff in the future — and this is serious stuff,” Dimon told CNBC’s Julianna Tatelbaum Monday.
In August, the Bureau of Economic Analysis revealed the U.S. economy contracted at an annualized rate for the second quarter in a row, often a benchmark used to define a recession. However, the National Bureau of Economic Research declined to declare a recession officially. The Fed recently bumped up rates by three-quarters of a percentage point last month. Dimon surmised that the Fed “waited too long and did too little” on inflation during the early days and said he wasn't sure if Fed Chairman Jerome Powell could achieve a"soft landing."
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