June 12, 2024

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JPMorgan’s Dimon warns of myriad issues for economy, bank

JPMorgan’s Dimon warns of myriad issues for economy, bank

Jamie Dimon laid out a laundry listing of major hazards looming for the global and U.S. economic climate in his yearly letter to JPMorgan Chase shareholders on Monday

NEW YORK — Jamie Dimon laid out a laundry listing of huge hazards looming for the world-wide and U.S. economic system in his letter to JPMorgan Chase shareholders on Monday,

Dimon’s yearly letter has come to be one thing of a tradition for JPMorgan traders as properly as the community. Under no circumstances much too shy to share his feelings on anything at all, the CEO and chairman of JPMorgan often makes use of his shareholder letter to not only focus on ongoing worries for the lender but also political or social troubles that he feels need to be dealt with.

The letter is a distinction to final year’s edition, when vaccines have been rolling out nationwide and it appeared like the U.S. economy was accelerating out of the pandemic-caused financial turmoil.

Dimon spent a great deal of the most current letter discussing the challenge of inflation, which has accelerated sharply in the previous calendar year and is now at 4-ten years highs. He warned that the war in Ukraine could accelerate inflation owing to increased foodstuff and power costs.

He also put some blame on the Federal Reserve, which now faces a need to have to boost curiosity rates sharply this 12 months to battle inflation.

“The Federal Reserve and the governing administration did the appropriate issue by using daring spectacular actions pursuing the misfortune unleashed by the pandemic. In hindsight, it labored. But also in hindsight, the medication … was most likely too a lot and lasted too extensive.”

“I do not envy the Fed for what it must do up coming: The more powerful the restoration, the higher the premiums that observe,” he extra.

Dimon, who has extended advocated for the U.S. to rebuild its infrastructure and put funds into vitality independence by acquiring oil and gas property domestically, stated the war in Ukraine need to be noticed as still a different reason why being reliant on international resources of oil is not very good for the U.S. and its allies.

“Disruptions to the global electrical power procedure are once again highlighting our urgent worldwide need to deliver electrical power resources securely, reliably and affordably and, at the very same time, deal with lengthy-expression clean power methods and techniques to lessen our carbon footprint,” he said.

JPMorgan will report its quarterly outcomes up coming week, the start off of earnings time for most of company The usa. Traders will be on the lookout for banking institutions to examine the impression of the war as very well as any bank publicity to Russia and Ukraine.