Bloomberg News reports that the chief executive officer of JPMorgan Chase & Co, Jamie Dimon revealed that it is quite likely that “serious” headwinds might push global economies and the United States into a recession by mid-2023.
In an interview, while talking to CNBC, Dimon said that Europe is already facing a recession, and these are very grave things, and all this is likely to force the US into some kind of recession within the next six to nine months.
He also said although the United States is doing great at present, there are several global issues and indicators like escalating inflation, surging interest rates more than anticipated, and ongoing war between Russia and Ukraine that can be regarded as ringing alarm bells.
Jamie Dimon said that the credit market is the most probable place where more cracks are slated to be seen, or more panic might rein. It could be exchange-traded funds, it could be a country, or it could also be something that can be least suspected, he stated while talking to CNBC. He said that if a list is drawn up of all the earlier cases, one could know where it originated, but this time it is probable that it will occur. If he had been out there, he would have been cautious. For instance, if it is required to go and raise money, one must take the plunge.
Bloomberg News reports that according to Jamie Dimon, the S&P 500 Index might have various ways to go in its course of decline, leading to yet another easy drop of 20%. He also said that the Index is down by almost 25% in the current year, and likely the coming year will be even more painful.
