Jamie Dimon, CEO of JPMorgan Chase, predicted a recession in the US and global economy by mid-2023.
According to Arab Net, Dimon, in an interview with CNBC, indicated that there are very dangerous things that may push the United States and the world into recession within 6 to 9 months from now, explaining that Europe is already in a recession.
The CEO of America's largest bank explained that while the US economy is doing well at the moment, there are a number of global indicators and issues that sound the alarm, among them, the impact of higher inflation and higher interest rates than expected and the impact of the Federal Reserve's decisions that ended easing Quantitative, as well as the Russian-Ukrainian war.
Dimon believes that the possibilities are many, and the place that will see the emergence of a major rift, and perhaps more panic, may be the credit markets, or an ETF, it may be a country, it may be something unlikely that you don't doubt.
He said: If you make a list of all the previous crises, we wouldn't guess here where they came from, although I think you can predict this time the probability of that happening.
Damon advised if you need the money, try to collect it now.
He expected the S&P 500 index to easily decline from its current levels, pointing out that this decline may be about 20%. Indeed, the index has fallen by about 25% this year.
Dimon said the next 20% will be a lot more painful than the first, adding that another 100 basis points hike in interest rates is much more painful than the first 100 because people are not used to it.
