which sent stocks to fresh 2022 lows after he predicted a US recession in"6 to 9" months, citing drivers including rising interest rates, persistent inflation and Russia’s invasion of Ukraine, and warned stocks could drop another 20%, the JPMorgan CEO who is expected to report earnings tomorrow , doubled down today saying the Fed can’t cool the red-hot economy without bringing on a recession.
It got worse: besides predicting a hard-landing and a 30% crash, the CEO of the largest US bank also said his “gut” tells him that the Fed funds rate will probably have to rise higher than the 4% to 4.5% level many economists are predicting, as inflation persists. And in a sign that markets may be getting ahead of themselves, Dimon also said that the consumer could be strong for another nine months . In other words, Dimon, who has warned about recession and a further stocks crash, has also repeatedly stressed that consumers are still healthy. We are confident that Jamie will tell us when in his view consumers are finally crashing.
Source: News Formal (newsformal.com)
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