In no way is this encouraging:
Yes ladies and gents, according to one of the most influential bankers on the planet, there is an economic disaster headed our way, and he's currently preparing his financial institution for its impact.
[JPMorgan CEO] Jamie Dimon warned investors to prepare for an economic "hurricane" as the economy struggles against an unprecedented combination of challenges, including tightening monetary policy and Russia's invasion of Ukraine…
JPMorgan economists last month lowered their growth outlook for the second half of 2022 to a 2.4% rate from 3%, for the first half of 2023 to 1.5% from 2.1% and for the second half of 2023 to 1% from 1.4%. They cited falling stock prices, higher mortgage rates and a stronger dollar relative to trading partners.
Needless to say, things are looking a bit gloomy out there.
Here's Dimon on this "hurricane" we speak of:
I don't know about you folks, but I'm really not digging this kind of talk.
"That hurricane is right out there down the road coming our way," the JPMorgan Chase & Co. chief executive officer said at a conference sponsored by AllianceBernstein Holdings Wednesday. "We don't know if it's a minor one or Superstorm Sandy. You better brace yourself."
So we're pretty sure there's an economic hurricane out there headed our way.
And we're not sure if it's a big one or just a tropical storm.
Get your popcorn ready, folks. It's about to go down.
By the way, I mean literally get your popcorn ready.
You're going to be hungry after this.
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