NEW YORK: JPMorgan Pursue and Co CEO Jamie Dimon said "serious" headwinds are probably going to drive the US and worldwide economies into downturn by the center of the following year.
"These are extremely, serious things which I believe are probably going to push the US and the world - - I mean, Europe is as of now in downturn - - and they're probably going to place the US in a downturn six to nine months from this point of some sort," Dimon said in a meeting Monday with CNBC.
While the US economy is excelling right now, various markers and worldwide issues - - the effect of flooding expansion, financing costs going up more than had been normal, the impacts of the Central bank finishing quantitative facilitating and Russia's conflict in Ukraine among them - - are ringing alerts, Dimon said.
"The probable spot you will see all the more a break and perhaps somewhat even more a frenzy is in credit markets, and it very well may be ETFs, it very well may be a country, it very well may be something you don't think," Dimon told CNBC. "Assuming you make a rundown of the relative multitude of earlier emergencies, staying here we could not have possibly anticipated where they came from, however I figure you could foresee this time that it most likely will work out. So in the event that I was out there I'd be extremely mindful. In the event that you really want cash, go raise it."
Dimon said the S&P 500 "may have far to go" in its decay, and that "it very well may be another simple 20%." The record is down practically 25% this year. "The following 20% will be considerably more excruciating than the first," he told CNBC. "Rates going up another 100 premise focuses are much more excruciating than the initial 100 since individuals aren't utilized to it."
