RIYADH: JPMorgan Chase CEO Jamie Dimon has warned investors to prepare for an “economic hurricane,” as the US economy is struggling hard to combat some unprecedented challenges, which include tightening of monetary policy and Russia’s invasion of Ukraine, CNBC reported.
“You know, I said there are storm clouds, but I’m going to change it. It’s a hurricane,” said Dimon.
Highlighting the unpredictability of this economic hurricane, he added, “We don’t know if it’s just a minor one or Superstorm Sandy. You better brace yourself.”
He also made it clear that JPMorgan is bracing itself and will be going to be very conservative with its balance sheet.
JPMorgan economists recently lowered their growth outlook for the second half of 2022 to 2.4 percent rate from 3 percent after analyzing falling stock prices and higher mortgage rates.