(MENAFN) The boss of Wall Street banking giant JPMorgan Chase, Jamie Dimon, has cautioned investors of the likelihood of a recession in the US economy, claiming that “something worse” than a hard downturn might happen.
In step with a Yahoo Finance report on Saturday, Dimon stated that the economy is “strong” while businesses’ and consumers’ balance sheets “are in good shape.”
The banker, on the other hand, declared that there are “storm clouds” on the horizon, as well as high oil costs and higher interest rates.
In agreement with Dimon “When you forecast, you have to think differently. What is out there? There are storm clouds. Rates, quantitative tightening (QT), oil, Ukraine, war, China,” adding “If I had to put odds: soft landing 10 percent. Harder landing, mild recession, 20 percent, 30 percent. Harder recession, 20 percent, 30 percent. And maybe something worse at 20% to 30%. It is a bad mistake to say ‘here is my single point forecast.’”
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