JPMorgan CEO: ‘That Hurricane Is Right Out There’
JPMorgan CEO Jamie Dimon is warning of an economic hurricane, although how bad it will be is anyone’s guess.
The economy has been rocked by supply chain issues, global shortages, rising gas prices, and skyrocketing inflation. Individuals and companies looking for good news were in for a disappointment, with Dimon warning an investor conference that a hurricane is coming, according to Forbes.
“That hurricane is right out there down the road coming our way.” The CEO added, “We don’t know if it’s a minor one or Superstorm Sandy. You better brace yourself.”
The warning is in stark contrast to the last few years, where federal stimulus programs helped usher in an era of free spending and the economy boomed in spite of a global pandemic. With those program ending, things are taking a much different turn.
In addition, Dimon expressed concern about the possibility of the Russian invasion of Ukraine escalating, leading to further strain on the global economy.
As Forbes notes, the indicators of a downturn are everywhere online, from increased numbers of available workers on LinkedIn to startup accelerator Y Combinator telling founders to start cutting costs.
Here’s to hoping the coming hurricane a minor one and not the equivalent of Superstorm Sandy.
