Jamie Dimon of JPMorgan Chase & Co. described the challenges facing the US economy akin to an “hurricane” down the road and urged the Federal Reserve to take forceful measures to avoid tipping the world’s biggest economy into a recession.
Mr. Dimon’s comments come a day after President Joseph R. Biden, Jr., met with Federal Reserve Chair Jerome Powell to discuss inflation, which is hovering at 40-year highs.
“The Fed has to meet this now with raising rates and QT . In my view, they have to do QT. They do not have a choice because there’s so much liquidity in the system,” Mr. Dimon said. Uncertainty about the US central bank’s policy move, the war in Ukraine, prolonged supply-chain snarls due to coronavirus disease 2019 and higher Treasury yields have rocked global stock markets, with the benchmark S&P 500 index falling 13.3% year-to-date.
“The scenario of a soft landing is … extremely difficult to achieve in the environment that we’re in today,” Wells Fargo Chief Executive Officer Charlie Scharf said at the conference.
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