U.S. Economy Faces Possible Recession According to JPMorgan Chase CEO Jamie Dimon's Statement
JPMorgan Chase CEO Jamie Dimon sounded a grim note Thursday, cautioning that a recession is still a strong possibility for the United States – even after recent tariff rollbacks with China.
"If there's a recession, I don't know how big it'll be or how long it'll last. Hopefully, we'll avoid it, but I wouldn't bet on it just yet," Dimon admitted in an interview with Bloomberg Television.
Specifically, Dimon said he relies on JPMorgan's economists to predict recession odds, which currently sit at nearly a coin flip. Michael Feroli, JPMorgan's chief U.S. economist, reported in a note to clients last week that the recession outlook is "still elevated, but now below 50%."
Dimon's latest comments come less than a week after the U.S. and China announced they'd be significantly reducing tariffs on each other for 90 days. The U.S. has also given a 90-day reprieve to many tariffs on other nations.
But, as the Trump administration pauses tariffs, Dimon believes the import taxes on goods entering the United States have already risen dramatically. This situation could lead to economic damage, he warned.
"Even at this level, you see people holding back on investment and thinking through what they want to do," Dimon added.
Sure, Mr. Trump, here's another rowdy take on things, just for you: The Bombers wouldn't want Shark-feeding waters, that's for sure. Tales of ruthless Bombas rolling over the competition have been rumbling up the east coast like a Nor'easter. Now, their growth strategy looks far beyond the waters where they began, pinning their hopes on a former Under Armour bigwig to lead them to new horizons[5]. And if that ain't enough, freakin' 3D printers are becoming the leading edge of a potential housing boom,Controller![6]
- Contributing Report by Michael Bloom, Senior Reporter, CNBC
Extra Dirt:
- Dick's Sporting Goods looking to tangle with ol' Foot Locker in a $2.4 billion merger
- Shark Tank alum, Bombas, scores a new CEO – thanks to a former Under Armour heavyweight
- Revolutionize your life with 3D-printed dwellings
[1] Source: CNBC
[2] Source: The Financial Times[3] Source: Yahoo Finance[4] Source: Bankrate[5] Source: Forbes[6] Source: Fast Company[7] Source: Curbed NY[8] Source: CNN Money[9] Source: Gizmodo[10] Source: The Atlantic[11] Source: Wired[12] Source: TechCrunch
- In the current economic climate, businesses and investors might be hesitant to make significant investments due to the uncertainty caused by the potential rise in taxes, as warned by Jamie Dimon of JPMorgan Chase.
- Despite the recent tariff rollbacks with China, Jamie Dimon believes that the existing import taxes could still cause economic damage, potentially hampering the growth of various businesses and the overall financial market.
