JPMorgan Chase chief executive Jamie Dimon on Wednesday warned investors to brace themselves for an economic “hurricane” as the war in Ukraine and policy tightening by the Federal Reserve roil markets.
Dimon struck a gloomier tone on the economic outlook than in remarks he made just last week during JPMorgan’s first investor day in two years, when he referred to the threats as “storm clouds”.
“I said they’re storm clouds, they’re big storm clouds here. It’s a hurricane,” the CEO of the largest US bank by assets said at a financial services conference organised by Autonomous Research.
“That hurricane is right out there down the road coming our way. We just don’t know if it’s a minor one or Superstorm Sandy . . . And you better brace yourself.”
The comments from Dimon, whose forecasts are closely followed on Wall Street, came as US stocks whipsaw over doubts about the health of the US economy.
Dimon warned investors that the war in Ukraine would continue to put pressure on global commodity markets and that the conflict could push oil prices up to $150 or $175 a barrel.