From CNBC: 2024-08-07 15:10:23

JPMorgan Chase CEO Jamie Dimon believes recession is more likely than a soft landing for the U.S. economy, with odds around 35% to 40%. Despite earlier views on optimistic market risks, Dimon now sees uncertainties in geopolitics, housing, deficits, and elections contributing to market volatility.

As the head of the largest U.S. bank, Dimon has warned of an economic storm since 2022. Despite rising credit-card defaults, he stated America is not currently in a recession. He remains skeptical of the Federal Reserve’s ability to lower inflation due to future spending on green initiatives and the military.

With a wide range of potential outcomes, Dimon remains cautiously optimistic about weathering a recession, emphasizing the importance of avoiding a hard landing to protect jobs and the economy.

Read more: Jamie Dimon still sees a recession ahead