JPMorgan Chase & Co. (JPM) Chairman and CEO Jamie Dimon will speak to the New York Economics Club in Manhattan, New York City, USA on April 23, 2024.
Mike Seger | Reuters
jpmorgan chain CEO Jamie Dimon said Wednesday that the US economy is likely heading into a recession as President Donald Trump’s Royle Financial Market.
The trade war between the US and China has once again actively sold stocks and bonds in morning trade. Stock market futures surge amid concerns over financial and economic stability brought about by exchanges at speeds between the two countries, and bonds surge.
“I think (the recession) is probably a likely outcome,” Dimon said on Fox Business’s Morning with Maria.
Recession fears are rising on Wall Street as Trump’s tariffs spur uncertainty about how far the trade war will escalate.
In its latest development, China said it will slap 84% of the tariffs on all US goods as US mutual obligations are enforced worldwide. Dow futures were over 800 points, but in 2010, the Treasury’s yield soared to nearly 20 basis points, or 0.2 percent points.
JP Morgan Economist expects US GDP to be contracted to 0.3% this year.
“The market isn’t always right, but sometimes it’s right,” Dimon said. “This time, I think it’s right to see how it affects macro-level, macro-level and uncertainty (at) pricing (at) and uncertainty, and consumer sentiment at the actual corporate level. It’s difficult to convey.”
In the past, Dimon was a proponent of tariffs.
In an interview with CNBC in January at the World Economic Forum in Davos, Switzerland, executives said people should “get over it” when it comes to tariffs and said a bit of inflation is worth it to maintain national security.
On Wednesday, he warned the US that if it didn’t happen, the market response could worsen, while also encouraging them to trade with trading partners.
“Take a deep breath and negotiate some trade deals. That’s the best they can do,” he said. “I have a calm view, but I think it could get worse if we don’t make some progress here.”
Separately, Dimon encouraged the senators to confirm Federal Reserve Governor Michelle Bowman as vice-chairman of oversight, the lead oversight of the banking and financial systems. Bowman will be out for a confirmation hearing Thursday.
Fix: Previous versions included incorrect quotes for Jamie Dimon.
