I don’t know what’s going on in Mr. Dimon’s neighborhood, buy we’re already in a recession out here in flyover country.
JPMorgan Chase CEO Jamie Dimon on Monday warned that a “very, very serious” mix of headwinds was likely to tip both the U.S. and global economy into recession by the middle of next year.
Among the indicators ringing alarm bells, Dimon cited the impact of runaway inflation, interest rates going up more than expected, the unknown effects of quantitative tightening and Russia’s war in Ukraine.
Asked for his views on the outlook for the S&P 500, Dimon said the benchmark could yet fall by “another easy 20%” from current levels, adding that “the next 20% would be much more painful than the first.”
I think Mr. Dimon is warning that we ain’t seen nothing yet in the way of actual pain. Swapping out the evil idiots for new spineless fools in November won’t cure the damage already done.