Jamie Dimon, chairman and CEO, president and CEO of JPMorgan Chase, speaking on CNBC's Squawk Box at the World Economic Forum annual meeting in Davos, Switzerland, on January 17, 2024.
Adam Galici | CNBC
JPMorgan Chase CEO Jamie Dimon said he remains cautious about the U.S. economy over the next two years due to a combination of financial and geopolitical risks.
“You have all these very powerful forces that will affect us in 24 and 25,” Dimon told Andrew Ross Sorkin on Wednesday in an interview with CNBC. at the World Economic Forum in Davos.
“Ukraine, terrorist activity in Israel [and] “Quantitative tightening refers to actions taken by the Federal Reserve to reduce its balance sheet and curb previous efforts, including bond-buying programs.
Dimon has remained cautious in recent years, despite record profits at JPMorgan, the country's largest bank, and a U.S. economy that has defied expectations. Despite the corrosive impact of inflation, the American consumer has remained mostly healthy thanks to good employment levels and pandemic-era savings.
In Dimon's view, the relatively buoyant stock market of recent months has lulled investors to the potential risks ahead. He S&P 500 The market index rose 19% last year and is not far from peak levels.
“I think it's a mistake to assume that everything is fine,” Dimon said. “When stock markets go up, it's like this little drug that we all feel is just great. But remember, we've had a lot of fiscal monetary stimulus, so I'm a little more cautious.”
Dimon is no stranger to harsh predictions: In 2022, he warned investors of a looming economic “hurricane” due to quantitative tightening and the Ukraine conflict.
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