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Jamie Dimon says it is a ‘big mistake’ to assume economic system will growth with so many dangers on the market

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Jamie Dimon, chairman and chief government officer of JPMorgan Chase & Co., speaks throughout the Institute of Worldwide Finance (IIF) annual membership assembly in Washington, DC, US, on Thursday, Oct. 13, 2022.

Ting Shen | Bloomberg | Getty Photographs

JPMorgan Chase CEO Jamie Dimon stated Monday that whereas the U.S. economic system is doing nicely, it will be a “big mistake” to consider that it’s going to final for years.

Wholesome shopper steadiness sheets and rising wages are supporting the economic system, however there are dangers forward, together with central banks reining of their liquidity packages, the Ukraine struggle, and governments around the globe “spending like drunken sailors,” the manager stated.

Dimon, head of the most important U.S. financial institution by property, was talking at a monetary convention in New York.

“To say the buyer is powerful at present, so we’re going to have a booming setting for years, is a big mistake,” he stated.

The world’s largest economic system has defied expectations for the previous yr, together with from prognosticators like Dimon. Final yr, he warned {that a} potential financial hurricane was on the way in which, citing the identical issues round central banks and the Ukraine battle. However the U.S. economic system has confirmed resilient, main extra economists to anticipate {that a} recession is likely to be averted.

Dimon struck a notice of warning all through the panel discussions. JPMorgan is repurchasing inventory at a decrease degree than earlier than, a tempo which could final by way of 2024, he stated.

“I feel the uncertainties on the market forward of us are nonetheless very giant, and really harmful,” Dimon stated.

This story is creating. Please test again for updates.

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