JPMorgan CEO Jamie Dimon warns: 'This may be the most dangerous time the world has seen in decades’
foxbusiness.comSlateStone Wealth chief market strategist Kenny Polcari joined ‘Cavuto: Coast to Coast’ to discuss the various union strikes and their impact on the stock market.
JPMorgan Chase CEO Jamie Dimon kicked off bank earnings season on Friday with a stark warning about the perils facing the world today.
The war in Ukraine, along with the unprecedented attacks in Israel by Palestinian militant group Hamas last weekend, may have «far-reaching impacts on energy and food markets, global trade and geopolitical relationships,» Dimon said in a statement accompanying the bank's third-quarter earnings release.
«This may be the most dangerous time the world has seen in decades,» he said.
INFLATION RISES MORE THAN EXPECTED IN SEPTEMBER AS HIGH PRICES PERSIST
JPMorgan Chase CEO Jamie Dimon speaks during a television interview at the JPMorgan Global High Yield and Leveraged Finance Conference in Miami, Florida on March 6, 2023. (Photographer: Marco Bello/Bloomberg via Getty Images / Getty Images)
In addition to the military conflicts, Dimon expressed concern about the persistently tight labor market and extremely high government debt levels – including the «largest peacetime fiscal deficits ever» – that he warned are increasing the risks of both inflation and interest rates remaining high.
The long-time chief executive – who last year warned of an «economic hurricane» – also cited concerns over the Federal Reserve's quantitative tightening campaign, the long-term effects of which he said are still unclear.
Fed policymakers have raised interest rates sharply over the past year, approving 11 rate hikes in hopes of crushing stubbornly high inflation. In the span of just one year, interest rates surged from near zero to above 5%, the
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