Jamie Dimon, the chief executive officer (CEO) of JPMorgan Chase & Co. (JPM) is warning
investors to prepare for an economic “hurricane” as the global economy struggles with high
inflation, tightening monetary policy, and war in Europe.
“That hurricane is right out there down the road coming our way,” Dimon said at a bank
conference. “We don’t know if it’s a minor one or Superstorm Sandy. You better brace yourself.”
Dimon said at JPMorgan’s investor day in May that there were “storm clouds” looming over the
U.S. and global economies, but he said he’s since updated that forecast given the challenges
faced by the U.S. Federal Reserve and other central banks as they try to reign in inflation.
JPMorgan economists in April lowered their growth outlook for the U.S. economy in the second
half of this year to 2.4% from 3% previously. They cited falling stock prices, higher mortgage
rates, and a stronger dollar as reasons for the downgrade.
JPMorgan’s stock has fallen 20% this year to trade right around $130 U.S. per share.
