Jamie Dimon: The economy could ‘deteriorate’ soon
CNN
JPMorgan Chase CEO Jamie Dimon warned on Tuesday that encouraging economic data could soon turn worrisome as President Donald Trump’s tariffs continue to bite.
JPMorgan Chase CEO Jamie Dimon warned on Tuesday that encouraging economic data could soon turn worrisome as President Donald Trump’s tariffs continue to bite. “You’re going to see real numbers, and I think there’s a chance real numbers will deteriorate soon,” Dimon said, according to a FactSet transcript of the Morgan Stanley US Financial Conference in New York. Trump’s tariffs have yet to really affect data like monthly inflation and jobs reports, but the economy is prone to a downturn if that changes, he said. Wall Street has been eager for any sign the economy might muddle through the confusion stoked by Trump’s tariffs, even as tremendous uncertainty lingers. It will likely be a few months before the full impact of tariffs on business decisions, hiring and inflation show up. Consumer sentiment and the stock market have both rebounded from peak uncertainty in early April, Dimon said, but it’s important to recognize that neither “consumer sentiment nor businesses” ever determine the key “inflection points” for how the economy is faring. The hard data, like job growth and inflation, is what matters most, Dimon said.
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