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Jamie Dimon warns of an economic 'hurricane' coming: 'Brace yourself'
Posted on 6/1/22 at 2:17 pm
Posted on 6/1/22 at 2:17 pm
quote:
JPMorgan Chase CEO Jamie Dimon warned of a looming economic "hurricane" caused by an increasingly hawkish Federal Reserve, rising inflationary pressures and the Russian invasion of Ukraine.
Dimon – who said at the beginning of May there were storm clouds forming on the economic horizon – ratcheted up his warning on Wednesday, citing fresh challenges facing the Fed as it seeks to tame the hottest inflation in a generation.
"I said there were storm clouds. But I'm going to change it. It’s a hurricane," he said during a conference hosted by AllianceBernstein Holdings. "Right now it’s kind of sunny, things are doing fine, everyone thinks the Fed can handle it. That hurricane is right out there down the road coming our way. We don’t know if it’s a minor one or Superstorm Sandy. You better brace yourself."
quote:
There are two main issues that Dimon said are worrying him: The Federal Reserve moving to unwind its $8.9 trillion balance sheet, deploying a less-known tool known as quantitative tightening that will further tighten credit for U.S. households as officials try to tame red-hot inflation.
The rundown of the Fed's portfolio is poised to begin on Wednesday at an initial combined monthly pace of $47.5 billion. The Fed will increase the runoff rate to $95 billion by September, putting the central bank on track to reduce its balance sheet by about $3 trillion over the next three years.
"We’ve never had QT like this, so you’re looking at something you could be writing history books on for 50 years," Dimon said.
What steps will the OT take to manage this storm?
read more
Posted on 6/1/22 at 2:18 pm to RLDSC FAN
We've been riding multiple bubbles for quite some time.
Posted on 6/1/22 at 2:18 pm to RLDSC FAN
are we doing this thread every day or every other day?
Posted on 6/1/22 at 2:19 pm to RLDSC FAN
quote:
or Superstorm Sandy.
So a minor hiccup then
Posted on 6/1/22 at 2:20 pm to RLDSC FAN
quote:
What steps will the OT take to manage this storm?
Switch from Abita Amber to High Life.
Posted on 6/1/22 at 2:20 pm to RLDSC FAN
quote:
What steps will the OT take to manage this storm?
Put a rainbow flag on my facebook profile picture?
Posted on 6/1/22 at 2:21 pm to RLDSC FAN
I just spent $25 at a salvage grocery and got more food than I could get for $100 at Walmart. I’m perfectly comfortable lowering my consumer expectations. I don’t know how much the younger generation is.
Posted on 6/1/22 at 2:22 pm to RLDSC FAN
Really regretting not committing PPP fraud now.
Posted on 6/1/22 at 2:23 pm to RLDSC FAN
Besides the Federal Reserve increasing the money supply by purchasing treasuries (money printing) the other main reason is inflation (which money printing fuels inflation).
We have not seen the last of inflation. Late summer and early fall inflation will hit hard. All those high fuel prices and fertilizer prices used to plant crops will be passed along to the grocery store consumer right after harvest.
We have not seen the last of inflation. Late summer and early fall inflation will hit hard. All those high fuel prices and fertilizer prices used to plant crops will be passed along to the grocery store consumer right after harvest.
Posted on 6/1/22 at 2:23 pm to High C
quote:
salvage grocery
I'm listening....
Posted on 6/1/22 at 2:23 pm to RLDSC FAN
Duh. People keep posting these "expect horrific inflation" threads. We know. We have a fricking senile imbecile in the white house and the puppet masters are imposing their will on our economy. It's going to fricking suck for a while.
Posted on 6/1/22 at 2:25 pm to RLDSC FAN
It could be bad, it could be OK. Definitely in a bubble, but I read something about how households are sitting on a record amount of cash (per capita) so some may be insulated. Poor will get crushed, but let’s be honest, they get crushed by just about anything. I’m more worried about the long term damage to the suburban middle class due to high energy prices. As far as my personal anecdote: remote work has been a huge help to me so far in saving money, but it’s kind of a catch 22. I could switch jobs and make more money at an in-person job, but would it be worth the cost of gas? Probably not, so I’m staying put.
Posted on 6/1/22 at 2:25 pm to gjackx
quote:
salvage grocery
What dis?
Posted on 6/1/22 at 2:26 pm to RLDSC FAN
I'm growing extra tomatoes and peppers this year. I also discovered that my sister has 48 tomato plants double 24 from last year. Her husband is retired so that's his new job to stay busy. I'm gonna work on my ninja skills so I can be of assistance to defend off any predators human or animal and in return I can help with making sure the fruits of their garden produce.
Posted on 6/1/22 at 2:26 pm to GreatLakesTiger24
quote:
are we doing this thread every day or every other day?
The economy isn't important to you nor is what the man running one of the most powerful financial institutions in the world has to say about it? True OT Baller.
Posted on 6/1/22 at 2:27 pm to RLDSC FAN
Posted on 6/1/22 at 2:29 pm to High C
quote:
salvage grocery
Im not being a smart arse, but what the hell is that?
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