He's been wrong about this before, as when he expected a major recession for last year, but still, Jamie Dimon has unique experience and a good view of the global economy. So reporters listened Friday when the chief executive of JPMorgan Chase elaborated on why he senses trouble ahead. For one thing, the financial markets as "too happy," he said. Dimon didn't predict a recession this time but warned that "the chance of bad outcomes is higher than people think," the New York Times reports.
"Many economic indicators continue to be favorable," Dimon conceded. But he sees much to be concerned about globally, including "terrible wars and violence" and "persistent inflationary pressures," per CNBC. The uncertainty applies to whether the Fed will cut interest rates again to try to reduce inflation. The chief financial officer of Citicorp was less worried Friday. Mark Mason assessed the economy worldwide as resilient. Citicorp anticipates a slowdown in growth in 2024, he said, but sees strong consumer spending and employment numbers as reassuring.
Dimon's letter to shareholders on Monday made some of the same points, bringing up wars and political polarization in the US, as well as the federal government's deficit spending. He said lower-income workers are running short of cash, per CNN. The only active boss of a major bank who navigated the 2008 financial crisis, Dimon stressed that he's trying to make sure clients are prepared for a range of conditions. On Friday, Dimon said that what he's thinking about is "the future of the free world." (More Jamie Dimon stories.)
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