The boss of Wall Street giant JPMorgan Chase, Jamie Dimon, has warned investors that the US is facing an economic “hurricane” as the latest challenges posed by the Fed’s tightening monetary policy and the Ukraine-related crisis are unprecedented.
“That hurricane is right out there down the road coming our way,” Dimon said, speaking at a conference sponsored by AllianceBernstein Holdings on Wednesday.
“We don’t know if it’s a minor one or Superstorm Sandy. You better brace yourself,” the CEO said, adding that it’s too soon to say how intense the storm would be.
According to the head of the nation’s biggest bank, US consumers still have some six to nine months of spending power left in their bank accounts. Dimon stressed that the government’s pandemic stimulus is still padding consumers’ wallets.