JPMorgan Chase CEO Jamie Dimon stated that inflation might tip the U.S. financial system into recession subsequent yr.
Whereas customers and firms are presently in good condition, that won’t final for much longer, Dimon stated Tuesday on CNBC’s “Squawk Field.” Shoppers have $1.5 trillion in extra financial savings from pandemic stimulus applications and are spending 10% greater than in 2021, he stated.
“Inflation is eroding every little thing I simply stated, and that trillion and a half {dollars} will run out someday mid yr subsequent yr,” Dimon stated. It “could very effectively derail the financial system and trigger a light or exhausting recession that folks fear about.”
Dimon, 66, has led the New York-based financial institution since 2006. Beneath his management, JPMorgan grew to become the largest U.S. financial institution by property because it weathered the 2008 monetary disaster, its aftermath and the 2020 coronavirus pandemic.
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