CEO Makes Ominous Prediction Saying The End Is Near

JPMorgan CEO Jamie Dimon warned on Monday that the United States is on the verge of a recession in the next six to nine months, citing volatile markets and chaotic financial conditions.

According to Dimon, US consumers will be in better shape this time around than during the 2008 global financial crisis, but the current factors contributing to a recession remain a source of concern.

"But you can’t talk about the economy without talking about stuff in the future – and this is serious stuff," Dimon said, noting inflation and Russia’s war with Ukraine.

"These are very, very serious things which I think are likely to push the U.S. and the world – I mean, Europe is already in recession, and they’re likely to put the U.S. in some kind of recession six to nine months from now," he continued.

Dimon's remarks came after the September jobs report, which showed that businesses continued to hire at a rapid pace, unemployment fell to a half-century low, and average pay rose.

Nonetheless, the jobs report raised concerns that the Federal Reserve is making little progress in combating inflation. With the Fed more likely to continue raising borrowing costs quickly, the risk of a recession rises.

The Fed's rate hikes are intended to cool the economy and keep inflation under control. As a result, borrowing costs have risen across the economy, most notably for mortgages, credit cards, and business loans.

Dimon said that in hindsight the Fed, "waited too long and did too little."

"But they’re clearly catching up. They’re clearly motivated to catch up," he added. "And, you know, from here, let’s all wish him success and keep our fingers crossed that they managed to slow down the economy enough so that whatever it is, is mild – and it is possible."

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