NextGen Day

Jamie Dimon, CEO of JPMorgan Chase, stated Monday that a worldwide and US economic downturn is probable by the middle of 2023.

According to the CEO of a US-based multinational investment bank and financial services organization, reasons that could trigger a recession include growing inflation in the US and around the world, higher-than-expected interest rates, and Russia’s conflict in Ukraine.

“These are very, very significant issues that I believe will likely push the US and the rest of the world into some sort of recession in six to nine months. After all, Europe is already experiencing one.

To combat inflation, which is currently at its highest levels in many nations in decades, the US Federal Reserve has been aggressively hiking interest rates and many other central banks worldwide.

Inflation in the US reached its highest level in more than 40 years, according to Dimon, who claimed that the Fed “waited too long and did too little.”

The Federal Open Market Committee (FOMC) members quickly switched from a dovish tone to a hawkish stance when the war in Ukraine spiked energy and food prices and intensified inflationary pressures, despite the Fed and its Chair Jerome Powell repeatedly declaring in the final quarter of 2021 that inflation is “transitory.”

Charles Evans, president of the Federal Reserve Bank of Chicago, stated on Monday that the Fed could reduce inflation “quite swiftly” while still averting a recession or “soft landing.”

Dimon admitted that he is unsure of how long a US recession may persist.

It will depend greatly on how this battle plays out and can range from being quite mild to being pretty hard. So, be ready; I think it’s difficult to guess, “said he.

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