JPMorgan CEO tells investors this may be ‘most dangerous time’ for world ‘in decades’
Global News
In his note to investors in the bank’s quarterly earnings report on Friday, Jamie Dimon warned of 'far-reaching impacts' to the global economy.
Amid the ongoing conflict between Israel and Hamas, JPMorgan Chase CEO Jamie Dimon told investors that we are living in “the most dangerous time the world has seen in decades.”
In a release accompanying the bank’s quarterly earnings report Oct. 13, Dimon warned that Russia’s war in Ukraine and the latest flare-up in the Israel-Hamas conflict would lead to “far-reaching impacts” to the global economy.
“The war in Ukraine compounded by last week’s attacks on Israel may have far-reaching impacts on energy and food markets, global trade, and geopolitical relationships,” Dimon said.
“This may be the most dangerous time the world has seen in decades. While we hope for the best, we prepare the Firm for a broad range of outcomes so we can consistently deliver for clients no matter the environment.”
Dimon said the bank was also considering the impact of a tight labour market.
“Currently, U.S. consumers and businesses generally remain healthy, although, consumers are spending down their excess cash buffers. However, persistently tight labor markets as well as extremely high government debt levels with the largest peacetime fiscal deficits ever are increasing the risks that inflation remains elevated and that interest rates rise further from here.”
He also said they were keeping an eye on the longer-term consequences of quantitative tightening.
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