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jamie dimon sees an economic hurricane coming are you prepared you'd better brace yourself diamond told the room full of analysts and investors jp morgan is bracing ourselves and we're going to be very conservative with our balance sheet it's a hurricane it's right now it's kind of sunny things are doing fine you know everyone thinks that the fed can handle this that hurricane is right out there down the road coming our way we just don't know if it's a minor one or superstorm sandy or uh yeah sandy or or uh andrew or something like that and it's you you better brace yourself before we watch on please subscribe and leave me a comment that you have subscribed let me know what you think and what you would like to find out more about this recession james diamond is an american billionaire businessman and banker who has been the chairman and chief executive officer of jpmorgan chase that is the largest of the big four american banks since 2005.
diamond was previously on the board of directors of the federal reserve bank of new york diamond was included in time magazines 2006 2008 2009 and 2011 lists of the world's 100 most influential people his net worth is estimated at 1.8 billion dollars why he sees a recession jp morgan chase ceo jamie dimon says he is preparing the biggest u.s bank for an economic hurricane on the horizon and advised investors to do the same you know i said there's storm clouds but i'm going to change it it's a hurricane diamond said on wednesday june 1st 2022 at a financial conference in new york while conditions seem fine at the moment nobody knows if the hurricane is a minor one or superstorm sandy he added there are two main factors that has diamond worried are first the so-called quantitative tightening or cutie is scheduled to begin this month and will ramp up to 95 billion dollars a month in reduced bond holdings the other large factor worrying diamond is the ukraine war and its impact on commodities including food and fuel oil could hit 150 or 175 dollars a barrel he said what are the signals beginning late last year with high-flying tech names stocks have been hammered as investors prepare for the end of the federal reserve's cheap money era year-to-date nasdaq 100 has fallen a whopping 23 percent dow jones and the s p 500 also have fallen more than 9 and 13 respectively inflation is at multi-decade highs exacerbated by supply chain disruptions in the coronavirus pandemic has sown fear that the fed will inadvertently tip the economy into recession as it combats price increases now the federal reserve is between a rock and a hard place after two years of yo-yo economic conditions the federal reserve is trying to cool off inflation without tipping the nation into a recession the buzz term for that is a soft landing and that's the goal for the rest of 2022.
federal reserve chairman jerome powell warned that getting inflation under control could cause some economic pain but remains his top priority powell said he couldn't promise a so-called soft landing for the economy as the fed raises interest rates to tamp down price increases running near their fastest pace in more than 40 years he noted that with a tight labor market pushing up wages avoiding a recession that often follows aggressive policy tightening will be a challenge this is all happening with an already slowing economy jamie dimon sees huge volatility the market is still getting used to cutie and rising interest rates every interest rates increase has seen the market reacted with cleveland federal reserve president loretta mester said in june 3rd 2022 that she doesn't see ample evidence that inflation has peaked and thus is on board with supporting a series of aggressive interest rate increases i think the fed has shown that we're in the process of recalibrating our policy to get inflation back down to our two percent goal that's the job before us mester said in a live interview on cnbc's the exchange recent statements from the rate setting federal open market committee indicate that 50 basis point or half point rate increases are likely at the june and july meetings officials are then likely to evaluate the progress that the policy tightening and other factors have had on the inflation picture a basis point equals 0.01 percent are you ready for this recession jpmorgan is bracing themselves and we're going to be very conservative with their balance sheet they have started to push their clients to move their lower quality deposit called non-operating deposits into other places such as money market funds for example that would help the bank manage its capital requirements under international rules potentially helping it absorb a surge in bad loans how about you thanks for watching remember subscribe and leave me a comment that you have subscribed let me know what you think and what you would like to find out more about this recession or what kind of video you would like to see from namus edu tv see you again you
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