JPMorgan CEO Jamie Dimon ramped up his economic warning on Wednesday, predicting a coming economic 'hurricane' as the Federal Reserve battles inflation.
"I said there were storm clouds. But I'm going to change it. It’s a hurricane," he said during a conference hosted by AllianceBernstein 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.
There are two main issues that Dimon said are worrying him: The Federal Reserve moving to unwind its $8.9 trillion balance sheet, deploying a less-known tool known as quantitative tightening that will further tighten credit for U.S. households as officials try to tame red-hot inflation. "We’ve never had QT like this, so you’re looking at something you could be writing history books on for 50 years," Dimon said.
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