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In a speech at the Bernstein conference, JP Morgan Chase CEO Jamie Dimon urged, “you better brace yourself.”
According to CNN, Dimon is predicting an economic “hurricane” due to inflation, interest rate hikes, and the ongoing war in Ukraine.
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“Right now it’s kind of sunny, things are doing fine. Everyone thinks the Fed can handle this,” Dimon said at the conference in a statement reported by CNN. “That hurricane is right out there down the road coming our way.”
“We just don’t know if it’s a minor one or a Superstorm Sandy…You better brace yourself,” Dimon warned. “JP Morgan is bracing ourselves and we’re going to be very conservative with our balance sheet.”