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JPMorgan CEO Jamie Dimon Says Banking Disaster Not Over — Warns of ‘Repercussions for Years to Come’ – Economics Bitcoin Information

by SB Crypto Guru News
April 10, 2023
in Bitcoin
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JPMorgan CEO Jamie Dimon Says Banking Disaster Not Over — Warns of ‘Repercussions for Years to Come’ – Economics Bitcoin Information

JPMorgan Chase CEO Jamie Dimon says the U.S. banking disaster isn’t over and “there will likely be repercussions from it for years to return.” The manager added that latest financial institution failures “have considerably modified the market’s expectations,” and the chances of a recession have elevated.

JPMorgan CEO Jamie Dimon on U.S. Economic system, Recession, and Banking Disaster

Jamie Dimon, chairman and CEO of JPMorgan Chase, shared his considerations concerning the U.S. economic system, recession, and the banking disaster in his annual letter to shareholders, printed final week. The letter adopted the latest collapse of a number of main banks within the U.S., together with Silicon Valley Financial institution and Signature Financial institution. Calling latest financial institution failures a “banking disaster,” Dimon warned:

The present disaster isn’t but over, and even when it’s behind us, there will likely be repercussions from it for years to return.

“Latest occasions are nothing like what occurred throughout the 2008 international monetary disaster (which barely affected regional banks),” the JPMorgan boss defined. “At the moment, there was huge leverage nearly in every single place within the monetary system.” In distinction, he famous: “This present banking disaster entails far fewer monetary gamers and fewer points that must be resolved.”

Commenting on the Federal Reserve’s efforts to curb inflation and future take hikes, Dimon opined:

If now we have increased inflation for longer, the Fed could also be pressured to extend charges increased than folks anticipate regardless of the latest financial institution disaster.

As well as, he cautioned that quantitative tightening (QT) “might have ongoing impacts which may, over time, be one other drive, pushing longer-term charges increased than at present envisioned. This may occasionally happen even when now we have a gentle — or not-so-mild — recession, as we noticed within the Nineteen Seventies and Eighties.”

Dimon defined that the failures of Silicon Valley Financial institution and Credit score Suisse “have considerably modified the market’s expectations, bond costs have recovered dramatically, the inventory market is down, and the market’s odds of a recession have elevated.” He emphasised:

Whereas that is nothing like 2008, it isn’t clear when this present disaster will finish.

Nonetheless, the JPMorgan govt insisted that the present economic system is “fairly good” however reiterated that there are “storm clouds forward.”

What do you concentrate on JPMorgan CEO Jamie Dimon’s view of the economic system and the banking disaster? Tell us within the feedback part under.

Kevin Helms

A pupil of Austrian Economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His pursuits lie in Bitcoin safety, open-source methods, community results and the intersection between economics and cryptography.

Picture Credit: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This text is for informational functions solely. It’s not a direct supply or solicitation of a proposal to purchase or promote, or a suggestion or endorsement of any merchandise, providers, or firms. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the writer is accountable, immediately or not directly, for any injury or loss brought on or alleged to be brought on by or in reference to using or reliance on any content material, items or providers talked about on this article.

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