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Jamie Dimon, CEO of JPMorgan Chase & Co. (NYSE:JPM), issued a stark warning about challenges that could affect the U.S. economy.
What Happened: In the bank’s third-quarter earnings release, Dimon highlighted several critical global risks that could disrupt both economic and geopolitical stability.
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Dimon, who heads the nation’s largest bank, noted concerns around slowing inflation, fiscal deficits, and global trade disruptions, and warned that geopolitical instability could have profound long-term consequences, Fox Business reports. He noted the importance of preparing for unpredictable outcomes.
Dimon also pointed to the need for a robust approach to handling infrastructure needs and warned that remilitarization efforts globally could increase instability.
“We have been closely monitoring the geopolitical situation for some time, and recent events show that conditions are treacherous and getting worse,” Dimon said in the news release.
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“There is significant human suffering, and the outcome of these situations could have far-reaching effects on both short-term economic outcomes and more importantly on the course of history,” he added.
While acknowledging the resilience of the U.S. economy, Dimon – who has been floated as a possible future Treasury secretary or Federal Reserve chair – said that the U.S. must get its fiscal house in order.
“Additionally, while inflation is slowing and the U.S. economy remains resilient, several critical issues remain, including large fiscal deficits, infrastructure needs, restructuring of trade and remilitarization of the world,’ Dimon said.
“While we hope for the best, these events and the prevailing uncertainty demonstrate why we must be prepared for any environment,” he added.
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This article Jamie Dimon Warns Of Global Risks To Economy: ‘Treacherous And Getting Worse’ originally appeared on Benzinga.com