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JP Morgan CEO Jamie Dimon gives SCARY WARNING To Private Clients
Both the traditional and cryptocurrency market has been a rally as of late. Bitcoin is currently trading for $24,133.32, up 13.8% in the past 30 days.. While Ethereum is trading for $1,890.40, up 39.5% in the past 30 days. The S&P 500 is at 4,297, up 12.17% in the past 30 days. The overall sentiment of the market has been slowly moving away from the fear side of the index, and more toward greed. But according to Jamie Dimon, CEO of JP Morgan, we shouldn’t get too optimistic about the future.
As reported by Yahoo Finance, Dimon gave his outlook on the economy to clients during a call to clients. Dimon recognized that the economy was strong, with consumers’ balance sheets and businesses in good shape, but the CEO emphasized that “you have to think differently”. Dimon stated:
“What is out there? There are storm clouds. Rates, QT, oil, Ukraine, war, China.”
“If I had to put odds: soft landing 10%. Harder landing, mild recession, 20%, 30%.”
Harder recession, 20%, 30%. And maybe something worse at 20% to 30%.
Dimon finished by saying;
“It is a bad mistake to say ‘here is my single point forecast.’”
This isn’t the first time that Dimon gave a bearish outlook on the economy, and he’s staying consistent with his message. Back in June, Dimon warned investors that they better ‘brace themselves’ for the ‘economic hurricane’ that is coming. Dimon stated:
“Right now it’s kind of sunny, things are doing fine, everyone thinks the Fed can handle it. 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.”
Dimon’s thoughts have been echoed by several economists, analysts, and thought-leaders in the space. Macroeconomist and investor Lyn Alden shared a similar view on the hard landing.. In an interview with Liberty and Finance, Alden suggested that historically, having a soft landing has been a rare event. Alden also alluded to the Federal reserve doing enough around the margins now, particularly in the housing market, but eventually, a hard-landing is coming.
Bank of America’s head of U.S. economics, Michael Gapen, told Fox Business Monday that there is a high chance of a mild recession this year. He expects the Federal Reserve to inadvertently trigger a downturn with its war on inflation. “This cycle probably ends in a mild downturn … How do I come to that? It’s basically just history. It’s really hard to achieve a soft landing,” the analyst opined.
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