JPMorgan Chase CEO Warns That An 'Economic Hurricane' Is Coming

 

CNBC: Jamie Dimon says ‘brace yourself’ for an economic hurricane caused by the Fed and Ukraine war 

* There are two main factors that has Dimon worried: So-called quantitative tightening, or QT, is scheduled to begin this month and will ramp up to $95 billion a month in reduced bond holdings. 

* The other large factor worrying Dimon is the Ukraine war and its impact on commodities, including food and fuel. Oil could hit $150 or $175 a barrel, he said. 

* “You’d better brace yourself,” Dimon told the roomful of analysts and investors. “JPMorgan is bracing ourselves and we’re going to be very conservative with our balance sheet.” 

JPMorgan Chase CEO Jamie Dimon says he is preparing the biggest U.S. bank for an economic hurricane on the horizon and advised investors to do the same. 

“You know, I said there’s storm clouds but I’m going to change it … it’s a hurricane,” Dimon said Wednesday at a financial conference in New York. While conditions seem “fine” at the moment, nobody knows if the hurricane is “a minor one or Superstorm Sandy,” he added. 

“You’d better brace yourself,” Dimon told the roomful of analysts and investors. “JPMorgan is bracing ourselves and we’re going to be very conservative with our balance sheet.”  

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WNU Editor: JPMorgan CEO Jamie Dimon is not the only top banker worried about the future .... Goldman's Waldron Warns of Unprecedented Economic Shocks, Echoing Dimon (Bloomberg). But there are also other who have a different point of view .... Brian Moynihan dismisses Jamie Dimon’s warning on the economy: ‘You’ve got hurricanes that come every year’ (Market Watch). 

As to what is my take. 

The hurricane is definitely coming. My guess is that we are going to start seeing it in September/October when the crop estimates start to come in and everyone realizes that food is going to be in short supply and very expensive, followed by higher gas prices and astronomical heating bills this winter. 

 JPMorgan Chase CEO Warns That An 'Economic Hurricane' Is Coming  

Jamie Dimon says interest rate hikes and Ukraine war will cause economic "hurricane" -- CBS  

Brace yourselves for an economic 'hurricane,' Jamie Dimon says -- CNN  

JPMorgan CEO Jamie Dimon warns an economic ‘hurricane’ is coming -- NYPost  

JPMorgan Chase CEO warns of economic hurricane: ‘You better brace yourself -- The Hill  

Jamie Dimon Warns Of A 'Hurricane' Coming Our Way—Here's What You Need To Know -- Forbes