Jamie Dimon also pointed to an overabundance of liquidity in the U.S. banking system.
The world is waiting for an economic hurricane, for which it is necessary to start preparing. This statement was made by the head of one of the largest American banks JP Morgan Chase Jamie Dimon, speaking at a financial conference in New York.
“I said earlier that storm clouds were hanging over us, but I want to change my statement because a hurricane is coming at us,” the CNBC TV channel quotes Dimon as saying.
Dimon noted that although everything seems to be in order so far, no one knows whether the impending disaster will become a “small whirlwind or a devastating hurricane Sandy,” and advised analysts and investors present at the meeting to prepare for difficulties. “Better get ready. JP Morgan will be preparing. Our policy will become very conservative on balance sheet accounts,” Dimon said.
Dimon pointed to an overabundance of liquidity in the U.S. banking system. In his opinion, banks are forced to resort to harsh measures, “withdraw part of the liquidity to stop speculation, lower housing prices, etc.”
The Washington Post previously reported that the U.S. economy is likely to face a recession in 2023. Beth Ann Bovino, senior economist for America at S&P, estimates that the chances of a recession in the American economy in 2023 are 35%, the newspaper writes. In the near future, the country will face problems in the real estate market and in construction, experts predict, referring to the indicators of the industry.
According to the calculations of the U.S. Department of Labor, inflation in the country in March reached a 40-year high of 8.5%. At the end of April, the U.S. Department of Commerce published data according to which the country’s GDP in the first quarter of 2022 decreased by 1.4% year-on-year.
