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Tags: jamie dimon | jpmorgan chase | inflation | economy | joe biden | food prices | interest rates

Jamie Dimon: Inflation, Unsettling Global Landscape Threaten Economy

By    |   Friday, 12 April 2024 06:00 PM EDT

Jamie Dimon, the chair and CEO of JPMorgan Chase, said he sees potential warning signs ahead for the economy.

"Many economic indicators continue to be favorable," Dimon said in a first quarter earnings report. "However, looking ahead, we remain alert to a number of significant uncertain forces."

Dimon said inflation continues to be a challenge and he also expressed concern about an unsettled global landscape and growing geopolitical tensions.

"We do not know how these factors will play out, but we must prepare the firm for a wide range of potential environments to ensure that we can consistently be there for clients," Dimon said.

JPMorgan Chase saw profits increase 6.3% year over year to $13.42 billion.

Rising inflation continues to cloud America's economic outlook, hitting 3.5% in March, higher than expected.

When President Joe Biden took office, inflation was at 1.4% and peaked to 9.1% in June 2022. Core inflation, which excludes food and energy, rose 4.5%. Inflation has reduced purchasing power for Americans by 19% since Biden was inaugurated. Food inflation is at its highest since Nixon was president.

A CNN poll showed 55% of Americans believe Biden's policies worsened economic conditions, including 91% of Republicans.

In his annual letter to shareholders last week, Dimon expressed concern about interest rates soaring to more than 8%.

"Huge fiscal spending, the trillions needed each year for the green economy, the remilitarization of the world, and the restructuring of global trade — all are inflationary," Dimon said.

Dimon has also urged the country to address its growing debt crisis.

"It is a cliff; we see the cliff," Dimon said in January. "It's about 10 years out, we're going 60 miles an hour [toward it]."

Sam Barron

Sam Barron has almost two decades of experience covering a wide range of topics including politics, crime and business.

© 2024 Newsmax. All rights reserved.


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Jamie Dimon, the chair and CEO of JPMorgan Chase, said he sees potential warning signs ahead for the economy.
jamie dimon, jpmorgan chase, inflation, economy, joe biden, food prices, interest rates
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2024-00-12
Friday, 12 April 2024 06:00 PM
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