He said JPMorgan Chase & Co. CEO Jamie Dimon“Dangerous” headwinds could push the US and the global economy into recession by the middle of next year.
Damon added, in an interview with CNBC, that there are very serious things that are likely to push the US and the world into a recession in 6 to 9 months, noting that Europe is already in a recession, according to what I have. view. Al Arabiya.net “.
The CEO of the largest US bank explained that while the US economy is doing well at the moment, there are a number of global indicators and problems that sound the alarm, including the impact of higher inflation and higher-than-expected interest rates and the impact of Federal Reserve decisions that ended quantitative easing, as well as the Russian-Ukrainian war.
Dimon believes that the possibilities are many, and the place that will see the emergence of a great rift, and perhaps more panic, could be credit markets, or an ETF, it could be a country, it could be something unlikely that you don’t. do not doubt.
“If I had made a list of all the previous crises, we would not have predicted where they came from here, although I think this time we can predict the likelihood of that happening,” he said.
“If you need the money, try collecting it now,” Damon advised.
He expected the S&P 500 to drop easily from its current levels, pointing out that this decline could be around 20%. In fact, the index has dropped around 25% this year.
“The next 20% will be much more painful than the first,” said Dimon, adding that “another 100 basis point hike in interest rates is much more painful than the first 100 because people aren’t used to it.”
