JPMorgan Chase chief executive Jamie Dimon says that he still would not rule out the possibility of the US entering an economic recession.
In a new Bloomberg Television interview, Dimon says mounting uncertainty around tariffs and geopolitical tensions could increase inflation and slow down the economy.
“I’m going to defer to our economists who give [a recession] about a 50% chance…
If there’s a recession, I don’t know how big it will be or how long it will last. Hopefully we’ll avoid it, but I wouldn’t take it off the table at this point.”
Dimon says economic uncertainty includes ongoing wars and conflicts around the world, as well as unresolved issues in the United States, such as a growing budget deficit and a tax bill winding its way through Congress.
“Markets are quite unpredictable. I think there’s a lot of uncertainty out there that you can’t discount [like] war in Ukraine, terror in the Middle East, Iran, huge deficits, our tax bill – which I would like to see a good tax bill pass – the tariffs, the reaction of countries to tariffs.”
Dimon also says that the recent developments around President Donald Trump’s trade war are moving in the right direction, but still leaves many questions unanswered.
“I think it’s the right thing to do, is to back off some of that stuff, to engage in conversation. I’m grateful they did the US-UK deal. You know, it’s an agreement in principle so there’s a lot of uncertainty still, and there’s a lot of uncertainty still in the China thing, but at least we started, and obviously it calms down the markets.”
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