{"id":257452,"date":"2022-08-16T06:53:08","date_gmt":"2022-08-16T06:53:08","guid":{"rendered":"https:\/\/www.thetruthseeker.co.uk\/?p=257452"},"modified":"2022-08-18T06:18:37","modified_gmt":"2022-08-18T06:18:37","slug":"jpmorgan-ceo-jamie-dimon-told-wealthy-clients-theres-a-chance-the-us-is-heading-into-something-worse-than-a-recession-report-says","status":"publish","type":"post","link":"https:\/\/www.thetruthseeker.co.uk\/?p=257452","title":{"rendered":"JPMorgan CEO Jamie Dimon told wealthy clients there&#8217;s a chance the US is heading into &#8216;something worse&#8217; than a recession, report says"},"content":{"rendered":"<h1 style=\"text-align: center;\"><strong>Hannah Towey \u2013 Yahoo Finance Aug 14, 2022<\/strong><\/h1>\n<ul>\n<li>CEO Jamie Dimon talked to some of JPMorgan&#8217;s wealthy clients on a call Tuesday, Yahoo <a href=\"https:\/\/finance.yahoo.com\/news\/jamie-dimon-sounds-off-morning-brief-110044236.html\" data-ylk=\"slk:reported;outcm:mb_qualified_link;_E:mb_qualified_link;ct:story;\" data-rapid_p=\"7\" data-v9y=\"1\">reported<\/a>.<\/li>\n<li>He was said to have put the chances of a &#8220;harder recession&#8221; and of &#8220;something worse&#8221; at 20 to 30%.<\/li>\n<li>He called current risks &#8220;storm clouds,&#8221; an apparent downgrade from his <a href=\"https:\/\/markets.businessinsider.com\/news\/stocks\/jamie-dimon-economic-hurricane-warning-requires-preparation-jpmorgan-balance-sheet-2022-6?utm_medium=referral&amp;utm_source=yahoo.com\" data-ylk=\"slk:June &quot;hurricane&quot; warning\" data-rapid_p=\"8\" data-v9y=\"1\">June &#8220;hurricane&#8221; warning<\/a>.<\/li>\n<\/ul>\n<p>JPMorgan Chase CEO Jamie Dimon estimated last week the probability that the US would head into a recession, according to a Yahoo Finance <a href=\"https:\/\/finance.yahoo.com\/news\/jamie-dimon-sounds-off-morning-brief-110044236.html\" data-ylk=\"slk:report;outcm:mb_qualified_link;_E:mb_qualified_link;ct:story;\" data-rapid_p=\"9\" data-v9y=\"1\">report<\/a> published Saturday.<\/p>\n<p>Dimon reportedly said on a client call Tuesday that the economy was &#8220;strong&#8221; but &#8220;storm clouds&#8221; were on the horizon, including federal monetary policies, Russia&#8217;s invasion of Ukraine, and rising oil prices. The categorization is an apparent downgrade from Dimon&#8217;s previous comments in June when he warned of an &#8220;<a href=\"https:\/\/markets.businessinsider.com\/news\/stocks\/jamie-dimon-economic-hurricane-warning-requires-preparation-jpmorgan-balance-sheet-2022-6?utm_medium=referral&amp;utm_source=yahoo.com\" data-ylk=\"slk:economic hurricane\" data-rapid_p=\"10\" data-v9y=\"1\">economic hurricane<\/a>.&#8221;<\/p>\n<p>&#8220;Consumers&#8217; balance sheets are in good shape,&#8221; he said, per the Yahoo report. &#8220;Businesses are equally in good shape. When you forecast, you have to think differently. It is a bad mistake to say, &#8216;Here is my single-point forecast.'&#8221;<\/p>\n<p>The CEO was said to have estimated the chances of a &#8220;soft landing&#8221; to be about 10% and the probability of a &#8220;harder landing&#8221; or &#8220;mild recession&#8221; to be closer to 20 to 30%. He also reportedly estimated a 20- to 30% chance of a &#8220;harder recession&#8221; and a 20- to 30% chance of &#8220;something worse.&#8221;<\/p>\n<p>Dimon had originally used the storm-clouds metaphor to describe the US economy back in April, but his outlook grew more dire in June.<\/p>\n<p>&#8220;I&#8217;m going to change the storm clouds out there. Look, I&#8217;m an optimist, I said there are storm clouds, they&#8217;re big storm clouds: It&#8217;s a hurricane,&#8221; he said at the Bernstein conference on June 1, adding: &#8220;You better brace yourself. JPMorgan is bracing ourselves and we&#8217;re going to be very conservative with our balance sheet.&#8221;<\/p>\n<p>Industry leaders like Dimon have provided <a href=\"https:\/\/www.businessinsider.com\/recession-risk-inflation-federal-reserve-economy-outlook-wall-street-prediction-2022-7?utm_medium=referral&amp;utm_source=yahoo.com\" data-ylk=\"slk:various economic forecasts over the past few months\" data-rapid_p=\"11\" data-v9y=\"1\">various economic forecasts over the past few months<\/a>, as a strong US labor market clashes with two consecutive quarters of contraction \u2014 leaving many experts puzzled over whether the US is approaching a recession or is in one already.<\/p>\n<p>&#8220;Right now, it&#8217;s kind of sunny,&#8221; Dimon said in June. &#8220;Things are doing fine. Everyone thinks the Fed can handle this. That hurricane is right out there down the road coming our way. We just don&#8217;t know if it&#8217;s a minor one or Superstorm Sandy or Andrew or something like that.&#8221;<\/p>\n<p>Read the original article on <a href=\"https:\/\/www.businessinsider.com\/jpmorgan-ceo-jamie-dimon-estimates-probability-recession-worse-2022-8\" data-ylk=\"slk:Business Insider\" data-rapid_p=\"12\" data-v9y=\"1\">Business Insider<\/a><\/p>\n<p><a href=\"https:\/\/finance.yahoo.com\/news\/jpmorgan-ceo-jamie-dimon-told-163049048.html\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;You better brace yourself. JPMorgan is bracing ourselves\u2026&#8221; Dimon warned<\/p>\n","protected":false},"author":39262,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[66],"tags":[],"class_list":["post-257452","post","type-post","status-publish","format-standard","hentry","category-Economics"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/257452","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/users\/39262"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=257452"}],"version-history":[{"count":1,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/257452\/revisions"}],"predecessor-version":[{"id":257453,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/257452\/revisions\/257453"}],"wp:attachment":[{"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=257452"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=257452"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=257452"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}