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Jamie Dimon, CEO of JPMorgan Chase & Co. (NYSE:JPM), has issued a stark warning about the challenges this entails could affect the US economy.
What happened: In the bank’s third-quarter earnings release, Dimon highlighted several critical global risks that could disrupt both economic and geopolitical stability.
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Dimon, who heads the country’s largest bank, noted concerns about slowing inflation, budget deficits and disruptions to global trade, warning that geopolitical instability could have profound long-term consequences, according to Fox Business. reports. He pointed out the importance of preparing for unpredictable outcomes.
Dimon also noted the need for a robust approach to dealing with infrastructure needs and warned that remilitarization efforts could increase instability worldwide.
“We have been closely monitoring the geopolitical situation for some time, and recent events show that conditions are treacherous and increasingly worse,” Dimon said in the press release.
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“There is significant human suffering, and the outcome of these situations could have far-reaching consequences for both short-term economic outcomes and, more importantly, for the course of history,” he added.
While acknowledging the resilience of the US economy, Dimon – who has been floated as a possible future Treasury secretary or Federal Reserve chairman – said the US needs to get its fiscal house in order.
“Additionally, while inflation is slowing and the U.S. economy remains resilient, several critical issues remain, including large budget deficits, infrastructure needs, trade restructuring, and global remilitarization,” Dimon said.
“While we hope for the best, these events and the prevailing uncertainty demonstrate why we must be prepared for any environment,” he added.
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This article Jamie Dimon warns of global risks to the economy: ‘treacherous and getting worse’ originally appeared on Benzinga.com
