According to the US consumer News and Business channel recently reported that on the 23rd, jpmorgan Chase Chairman and CEO Jamie Dimon (Jamie Dimon) said at the jpmorgan Chase Global China Summit held in Shanghai that the possibility of a "hard landing" of the US economy cannot be ruled out.
When asked about the prospect of a hard landing, Dimon replied: "Are we really going to see a hard landing?" Of course, how can anyone who has read history say it's impossible?"
Dimon said the worst outcome for the U.S. economy would be "stagflation," in which inflation continues to rise but economic growth slows amid high unemployment.
He said: "I see a range of outcomes and the worst outcome for all of us is stagflation, high interest rates and a recession. That means lower profits for the company."
Dimon noted that consumer confidence levels are low. "It seems to be mainly because of inflation... "Additional funding from COVID-19 has been falling."
Minutes of the Fed's May meeting, released on Tuesday, showed policymakers were increasingly concerned about inflation, with members of the Federal Open Market Committee saying they lacked confidence in easing monetary policy and cutting interest rates.
Dimon said, "I think inflation is more stubborn than people think. The chances of that happening are higher than others think, mainly because a lot of fiscal and monetary stimulus is still in place and could still push some liquidity."
Is the world ready for higher inflation? "Not really," he warned.
About half of traders surveyed expect the Fed to cut rates by 25 basis points by September, according to the Chicago Mercantile Exchange Fed Watch Tool. The Fed had previously projected three quarter-point rate cuts throughout 2024, but only if markets allowed it.
When asked about the prospect and timing of a rate cut, Dimon said that while market expectations are "pretty good." But it's not always true."
"The whole world thought (inflation) would stay at 2 percent. Then he said it would go to 6%, then he said it would go to 4%... It's a hundred percent mistake almost every time. Why do you think it's right this time?"
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