Jamie said this is the way the USA maintains its standing is by pumping more oil and gas and using energy security to ensure Western unity.
which sent stocks to fresh 2022 lows after he predicted a US recession in"6 to 9" months, citing drivers including rising interest rates, persistent inflation and Russia’s invasion of Ukraine, and warned stocks could drop another 20%, the JPMorgan CEO who is expected to report earnings tomorrow , doubled down today saying the Fed can’t cool the red-hot economy without bringing on a recession.
It got worse: besides predicting a hard-landing and a 30% crash, the CEO of the largest US bank also said his “gut” tells him that the Fed funds rate will probably have to rise higher than the 4% to 4.5% level many economists are predicting, as inflation persists. And in a sign that markets may be getting ahead of themselves, Dimon also said that the consumer could be strong for another nine months . In other words, Dimon, who has warned about recession and a further stocks crash, has also repeatedly stressed that consumers are still healthy. We are confident that Jamie will tell us when in his view consumers are finally crashing.
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