His observation cuts through the media bullshit - from Zero Hedge:
"This Is A F**king War": Jamie Dimon Slams Biden Begging Saudis For Oil, Says Investors "Don't Give A Shit" About ESG
Three days after Jamie Dimon sparked a marketwide selloff which sent stocks to fresh 2022 lows after he predicted a US recession in 6 to 9 months citing drivers including rising interest rates, persistent inflation and Russia’s invasion of Ukraine, and warned stocks could drop another 20%, the JPMorgan CEO who is expected to report earnings tomorrow (and hopefully clarify why his bank refuses to move its deposit rate above 0.01% in the process keeping $2.2 trillion in liquidity locked inside the overnight funding facility), doubled down today saying the Fed can’t cool the red-hot economy without bringing on a recession.
“I don’t know if it could be a soft landing -- I don’t think so, but it might,” the JPMorgan chief executive officer said at an industry conference in Washington Thursday, adding that the alternatives would be a mild or a severe recession. “In a tough recession, you could expect the market to go down another 20% to 30%”, adding an additional 10% to the number he first floated on Monday.
It got worse: besides predicting a hard-landing and a 30% crash, the CEO of the largest US bank also said his “gut” tells him that the Fed funds rate will probably have to rise higher than the 4% to 4.5% level many economists are predicting, as inflation persists.
Much more at the site - his thoughts on ESG are spot on:
And he did say when it comes to ESG “investors don’t give a shit” warning not to "cede governance to do-gooder kids on a committee”.
Yep... Kids. Spoken like a true adult in the room.
Leave a comment