Jamie Dimon warns of an economic hurricane coming. He is telling Americans to “brace yourself”. He blames the overly hawkish Federal Reserve, rising inflation, and the Russian invasion.
Let’s include the way the US is handling the invasion – it’s about to go bad.
“I said there were storm clouds [in May]. But I’m going to change it. It’s a hurricane,” he said during a conference hosted by Alliance Bernstein Holdings. “Right now it’s kind of sunny, things are doing fine, everyone thinks the Fed can handle it. That hurricane is right out there down the road coming our way. We don’t know if it’s a minor one or Superstorm Sandy. You better brace yourself.”
He stated the obvious.
He is worried about two things: the use of quantitative tightening that will tighten credit and the Russia-Ukraine war and its effect on the price of commodities like food and oil.
“Wars go bad. They go south. They have unintended consequences.”
The US is paying the price for overstimulating the economy, said former Federal Reserve Bank of Dallas Michelle DiMartino Booth.
She also stated the obvious – don’t raise taxes “headed into a recession.”
During an interview on FOX Business’ “Mornings with Maria” former White House Council of Economic Advisers Chair Tomas Philipson slammed the Biden administration for their attempt to fight inflation, comparing it to an “arsonist trying to shut out a fire.”
Also today, the US only added 128,000 jobs.