ICYMI: JPMorgan CEO Dimon warns that high inflation could trigger "severe" US recession

JPMorgan CEO Jamie Dimon spoke in an interview on CNBC on Tuesday US time.

Said:

• Businesses are still in good shape
• consumer spending remains strong, with households hoarding $1.5 trillion in excess savings from pandemic relief programs,

But, he says that may not last long:

• "Inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term is eroding everything I just said, and that $1.5 trillion will run out sometime mid-year next year,"
• "When you are looking that forward, those things very well may derail the economy and cause this mild to severe recession that people are worried about."

Full text is here: CNBC Transcript

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Earlier post from another big wig:

• ICYMI - Goldman Sachs CEO Solomon sees a 2/3 chance of a US recession in 2023

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