Home web3.0 JPMorgan Chase CEO Jamie Dimon Maintains Recession Likely for US Economy

JPMorgan Chase CEO Jamie Dimon Maintains Recession Likely for US Economy

Aug 11, 2024 pm 12:16 PM
Forecast Jamie Dimon US Recession JPMorgan

JPMorgan Chase CEO Jamie Dimon reiterated on Wednesday that a recession remains the most likely outcome for the U.S. economy

JPMorgan Chase CEO Jamie Dimon Maintains Recession Likely for US Economy

JPMorgan Chase CEO Jamie Dimon reiterated his belief that a recession is the most likely scenario for the U.S. economy in an interview with CNBC on Wednesday. While acknowledging that the economy has performed better than anticipated, Dimon pointed to various uncertainties continuing to plague markets, including geopolitics, housing, deficits, spending, and quantitative tightening.

Despite holding a cautious outlook, Dimon acknowledged that the economy has performed better than expected.

“There’s a lot of uncertainty out there. I’ve always pointed to geopolitics, housing, the deficits, the spending, the quantitative tightening, the elections, all these things cause some consternation in markets,” Dimon said, adding:

“I’m amazed at how well the economy has done. I thought it would be weaker last year. I thought inflation would come down faster. I thought credit card [borrower] defaults would go up faster. They’re going up, but not as fast as I thought. So we’re not in a recession.”

Dimon, who has consistently warned of economic challenges since 2022, further stated that he remains skeptical of the Federal Reserve’s ability to reduce inflation to its 2% target due to future spending pressures.

“I don’t see how they get to 2% without mild or maybe even harder recession,” Dimon noted. “There’s always a large range of outcomes. I’m fully optimistic that if we have a mild recession, even a harder one, we would be okay.”

Meanwhile, JPMorgan has raised its forecast for the likelihood of a U.S. recession in 2024 to 35%, reflecting growing concerns about the nation’s economic health amid recent market volatility. Bruce Kasman, JPMorgan’s chief global economist, conveyed this update to clients in a note on Wednesday, emphasizing that the revised figure is a significant increase from the bank’s midyear estimate of 25%. Kasman attributed the heightened recession risk to shifts in inflationary pressures and a cooling labor market, which have altered the economic landscape. The bank also maintained its 45% probability for a recession by the second half of 2025.

“We now think that a downturn in 2024 is more likely (35%) than our previous mid-year assessment (25%),” Kasman wrote in the note to clients, obtained by CNBC. “This reflects our view that while inflationary pressures are likely to ease further this year, the lagged impact of past rate hikes and a cooling labor market will increasingly weigh on the economy.”

“We continue to see a 45% probability of a recession by 2H 2025, broadly in line with our prior assessment,” he added.

JPMorgan isn’t the only one on Wall Street raising expectations for this outcome. Goldman Sachs also increased its forecast from 15% to 25% but noted that a recession could be avoided if the Fed lowers rates or purchases bonds.

The above is the detailed content of JPMorgan Chase CEO Jamie Dimon Maintains Recession Likely for US Economy. For more information, please follow other related articles on the PHP Chinese website!

Statement of this Website
The content of this article is voluntarily contributed by netizens, and the copyright belongs to the original author. This site does not assume corresponding legal responsibility. If you find any content suspected of plagiarism or infringement, please contact admin@php.cn

Hot AI Tools

Undresser.AI Undress

Undresser.AI Undress

AI-powered app for creating realistic nude photos

AI Clothes Remover

AI Clothes Remover

Online AI tool for removing clothes from photos.

Undress AI Tool

Undress AI Tool

Undress images for free

Clothoff.io

Clothoff.io

AI clothes remover

Video Face Swap

Video Face Swap

Swap faces in any video effortlessly with our completely free AI face swap tool!

Hot Tools

Notepad++7.3.1

Notepad++7.3.1

Easy-to-use and free code editor

SublimeText3 Chinese version

SublimeText3 Chinese version

Chinese version, very easy to use

Zend Studio 13.0.1

Zend Studio 13.0.1

Powerful PHP integrated development environment

Dreamweaver CS6

Dreamweaver CS6

Visual web development tools

SublimeText3 Mac version

SublimeText3 Mac version

God-level code editing software (SublimeText3)

Hot Topics

Java Tutorial
1664
14
PHP Tutorial
1266
29
C# Tutorial
1239
24
JPMorgan Chase CEO Jamie Dimon Maintains Recession Likely for US Economy JPMorgan Chase CEO Jamie Dimon Maintains Recession Likely for US Economy Aug 11, 2024 pm 12:16 PM

JPMorgan Chase CEO Jamie Dimon reiterated on Wednesday that a recession remains the most likely outcome for the U.S. economy

BlockDAG Team Reveal Set For July 29: Solana Traders Go Moonbound; Notcoin 1400% Surge Leaves Predictions in the Dust BlockDAG Team Reveal Set For July 29: Solana Traders Go Moonbound; Notcoin 1400% Surge Leaves Predictions in the Dust Jul 26, 2024 pm 06:18 PM

Crypto investors are buzzing with anticipation as Solana and Notcoin display strong upward momentum. Solana (SOL) traders are thrilled by potential gains

Michael Saylor Predicts Bitcoin (BTC) Price Will Hit $13 Million by 2045 Michael Saylor Predicts Bitcoin (BTC) Price Will Hit $13 Million by 2045 Jul 27, 2024 pm 12:54 PM

Michael Saylor, a vocal co-founder of MicroStrategy, a business analytics firm, gave a very bullish keynote speech at the Bitcoin 2024 conference on July 26

Analysts Predict 30,000x Gains for BlockDAG Holders! Insights on Solana & BNB Forecast Analysts Predict 30,000x Gains for BlockDAG Holders! Insights on Solana & BNB Forecast Oct 14, 2024 am 06:58 AM

Solana's price has dropped over 14%, and some analysts think it might drop even more due to its centralization issues. Meanwhile, Binance's BNB is climbing

Ripple CEO Brad Garlinghouse's Twitter Follower Count Linked to Controversial XRP Price Prediction Ripple CEO Brad Garlinghouse's Twitter Follower Count Linked to Controversial XRP Price Prediction Aug 19, 2024 pm 09:36 PM

Brad Garlinghouse, the CEO of Ripple, has found himself at the center of discussion yet again. Ripple's CEO follower count, which remained stable at 589 for a long time, went to 590. But after some time, the count came back to 589 again.

Fed Rate Cut Won't Prevent US Recession, Nvidia Subpoena Could Be the Catalyst for the Market Crash Fed Rate Cut Won't Prevent US Recession, Nvidia Subpoena Could Be the Catalyst for the Market Crash Sep 04, 2024 pm 06:12 PM

The crypto market has come under strong selling pressure after the US DOJ sent a subpoena notice to Nvidia wiping out more than $1 trillion from the

PropiChain: CoinMarketCap Listing to Spark Violent Rally PropiChain: CoinMarketCap Listing to Spark Violent Rally Nov 08, 2024 pm 03:22 PM

PropiChain token has officially been listed on the CoinMarketCap, the biggest crypto tracking website in the world. The listing solidifies PropiChain's position as a growing project with the potential to marry real estate with blockchain technology.

Fraud Prevention Platform Trustpair Integrates JPMorgan's Blockchain Solution Confirm to Verify Bank Account Information Fraud Prevention Platform Trustpair Integrates JPMorgan's Blockchain Solution Confirm to Verify Bank Account Information Oct 02, 2024 pm 12:40 PM

Gloria Wan, Executive Director at Onyx by J.P. Morgan, stated that Confirm was created to provide collective intelligence to improve decision-making for companies.