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JPMorgan CEO Jamie Dimon on Economy


© Reuters. JPMorgan CEO Jamie Dimon on Economic system – ‘you bought to brace your self’

By Sam Boughedda

Talking on the Sanford Bernstein Convention Wednesday, JPMorgan (NYSE:) CEO Jamie Dimon advised listeners that there’s a monetary hurricane down the highway and “you bought to brace your self” because the Fed offers with three main gadgets – the Ukraine conflict, QT, and fiscally induced development.

Dimon spoke in regards to the present funding local weather, stating that for people who find themselves targeted on local weather change if oil costs proceed to rise, “then CO2 will not go down,” which is what everybody predicts.

He added that simply because individuals purchase much less oil and fuel, they assume “it may go up as a result of all these different international locations on the market, the poor international locations who want oil and fuel to feed and warmth their residents will flip off — won’t purchase oil and fuel, they’re going to purchase coal. That is what is going on to occur. CO2 will go up.”

“We’re not coping with these challenges,” said Dimon, referring to the Ukraine conflict, QT, and fiscally induced development.

“Everybody thinks the Fed can deal with this. That hurricane is true on the market down the highway coming our approach. We simply do not know if it is a minor one or Superstorm Sandy or Sandy or Andrew or one thing like that. And you bought to brace your self,” remarked Dimon.

Consequently, Dimon stated JPMorgan is bracing itself and can be very conservative in its stability sheet.

“With all this capital uncertainty, we will must take actions, and I form of wish to shed nonoperating deposits once more, which we are able to do in dimension to guard ourselves, so we might serve shoppers in unhealthy occasions.”