{"id":1500069,"date":"2022-06-01T15:30:52","date_gmt":"2022-06-01T19:30:52","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1500069"},"modified":"2022-06-01T15:30:59","modified_gmt":"2022-06-01T19:30:59","slug":"top-banker-brace-yourself-for-looming-economic-hurricane","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/top-banker-brace-yourself-for-looming-economic-hurricane\/","title":{"rendered":"Top Banker: \u2018Brace Yourself\u2019 For Looming Economic \u2018Hurricane\u2019"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ftop-banker-brace-yourself-for-looming-economic-hurricane%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1500069&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>JPMorgan Chase CEO Jamie Dimon said on Wednesday that his company is hunkering down for a looming economic \u201churricane.\u201d<\/p>\n<p>The executive\u2019s comments come amid news that <a href=\"https:\/\/www.dailywire.com\/news\/united-states-economy-shrinks-in-the-first-part-of-2022\">the United States economy shrank<\/a> at a 1.5% annualized rate in the first quarter of 2022. The economy following COVID-19 and the lockdown-induced recession has been troubled by various phenomena \u2014 including <a href=\"https:\/\/www.dailywire.com\/news\/consumers-disliked-2021s-economy-more-than-2020s\">persistent inflation<\/a>, <a href=\"https:\/\/www.dailywire.com\/news\/biden-slammed-for-remarks-on-enormously-high-gas-prices-theyre-saying-the-quiet-part-out-loud-now\">high gas prices<\/a>, and the <a href=\"https:\/\/www.dailywire.com\/news\/economist-warns-that-world-is-in-early-stages-of-very-significant-recession\">Russian invasion of Ukraine<\/a>.<\/p>\n<p>\u201cYou know, I said there\u2019s storm clouds but I\u2019m going to change it\u2026 it\u2019s a hurricane,\u201d Dimon said Wednesday at a financial conference in New York, according to <a href=\"https:\/\/www.cnbc.com\/2022\/06\/01\/jamie-dimon-says-brace-yourself-for-an-economic-hurricane-caused-by-the-fed-and-ukraine-war.html\">CNBC<\/a>. He added that no one knows if the hurricane is \u201ca minor one or Superstorm Sandy.\u201d<\/p>\n<p>\u201cRight now, it\u2019s kind of sunny, things are doing fine, everyone thinks the Fed can handle this,\u201d Dimon said. \u201cThat hurricane is right out there, down the road, coming our way.\u201d<\/p>\n<p>Indeed, the Federal Reserve <a href=\"https:\/\/www.dailywire.com\/news\/the-fed-jacks-key-rate-up-half-point-as-inflation-surges\">hiked interest rates<\/a> by 0.5% earlier this month \u2014 the largest rate increase since May 2000 \u2014 to curb rising price levels. The move followed a 0.25% rate hike from near-zero levels two months ago. On Tuesday, President Joe Biden met with Fed Chair Jerome Powell to signal his support for the tighter monetary policy \u2014 and to show that he is likewise <a href=\"https:\/\/www.dailywire.com\/news\/inflation-is-the-key-political-problem-biden-powell-meet-to-discuss-taming-high-prices\">serious about fighting high prices<\/a>.<\/p>\n<p>With respect to Fed policy, Dimon argued that the central bank does not \u201chave a choice\u201d because \u201cthere\u2019s too much liquidity in the system.\u201d Rolling back monetary stimulus is necessary to \u201cremove some of the liquidity\u201d and \u201cstop the speculation, reduce home prices.\u201d<\/p>\n<p>Although <a href=\"https:\/\/www.dailywire.com\/news\/the-housing-market-reaches-an-affordability-turning-point\">home sales recently slumped<\/a> to their lowest level since the recession, the median sale price in April was $450,600 \u2014 nearly 20% above prices at the same time last year. \u201cAs Americans contend with historically high inflation, the combination of rising mortgage rates, elevated home prices and tight inventory are making the pursuit of homeownership the most expensive in a generation,\u201d government-backed mortgage company <a href=\"https:\/\/www.freddiemac.com\/pmms\">Freddie Mac<\/a> said last month.<\/p>\n<p>\u201cYou\u2019d better brace yourself,\u201d Dimon remarked. \u201cJPMorgan is bracing ourselves, and we\u2019re going to be very conservative with our balance sheet.\u201d<\/p>\n<p>Consumer confidence \u2014 a key metric for the direction of the United States economy \u2014 has been <a href=\"https:\/\/fred.stlouisfed.org\/series\/UMCSENT\">trending downward<\/a> since the summer of 2021, according to the University of Michigan\u2019s Survey of Consumers. Meanwhile, polls indicate that inflation and gas prices are making consumers flinch as they plan for summer spending. When Echelon Insights, for example, asked consumers whether the higher prices have induced a <a href=\"https:\/\/www.dailywire.com\/news\/summer-canceled-inflation-kills-vacations-summer-camp-for-kids-poll-finds\">change of plans or cancelation<\/a> of family trips, 51% answered in the affirmative.<\/p>\n<p>Dimon also expressed concern about pressures induced by the Ukraine invasion \u2014 and their subsequent impacts on oil prices. He forecasted that oil may hit $150 to $175 per barrel, according to CNBC, and suggested that \u201cwe\u2019re not taking the proper actions to protect Europe from what\u2019s going to happen to oil in the short run.\u201d<\/p>\n<p>Treasury Secretary Janet Yellen likewise <a href=\"https:\/\/www.dailywire.com\/news\/janet-yellen-expects-enormous-economic-repercussions-from-ukraine-invasion\">predicted<\/a> last month that the world would see \u201cenormous economic repercussions\u201d from the Ukraine conflict. In line with <a href=\"https:\/\/www.dailywire.com\/news\/in-line-with-white-house-hopes-rising-gas-prices-lead-to-surge-in-electric-car-interest\">other Biden administration officials<\/a>, she argued that the war shows \u201cthe need for sustainable, affordable, clean, and secure energy for economic growth and security for the United States.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>JPMorgan Chase CEO Jamie Dimon said on Wednesday that his company is hunkering down for a looming economic \u201churricane.\u201d The executive\u2019s comments come amid news that the United States economy shrank at a 1.5% annualized rate in the first quarter of 2022. The economy following COVID-19 and the lockdown-induced recession has been troubled by various &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1500091,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1500069","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1500069","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1500069"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1500069\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1500091"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1500069"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1500069"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1500069"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}