Dimon Sees ‘Serious Set of Issues’ Clouding Economic Outlook
2022.07.14 18:26
Dimon Sees ‘Serious Set of Issues’ Clouding Economic Outlook
(Bloomberg) — JPMorgan Chase & Co. (NYSE:JPM) CEO Jamie Dimon who last month told investors to brace for an economic “hurricane,” said that he hasn’t changed his view.
“Everyone sees the consumer is spending money,” more than pre-Covid, he said Thursday in a media call after the bank reported second-quarter earnings. “Jobs are plentiful, wages are going up.” The consumer is “in very good shape,” though “obviously their confidence is dropping.”
“When you make a list of potential issues going forward,” Dimon continued, “it could be a soft landing, it could be a hard landing, some range in between, but you do have a serious set of issues out there.”
“Liquidity is drying up in certain markets,” IPOs included, he said. “Then you have war. War is unpredictable.”
Dimon said we’ll know by January the answers to some of these questions.
“Markets will be volatile. And we’ve told you that before,” he said, and “banks can’t intermediate the way they used to.”
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