JPMorgan Chase CEO Jamie Dimon sees up to 30% chance of ‘harder recession’: Report

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CEO Jamie Dimon said recently he sees a 20% to 30% chance of a “harder recession” and a 10% chance of a soft landing in the economy as the U.S. Federal Reserve hikes interest rates, according to a Saturday report from Yahoo Finance. Dimon reiterated his view that “storm clouds” remain on the economic horizon. He said he sees a 20% to 30% chance of “something worse” than a harder recession, but added it would be a mistake to pinpoint the exact probability. He expects the Fed’s interest rate to rise to 4% by the end of the year from 2.4% now. The biggest complaint he hears from company leaders is they can’t hire enough people. While company leaders say the prospects for their company are good, they also add that their confidence is low, “because of inflation, because of partisan politics and a lot of leftover anger from COVID-19,” Dimon said. Dimon’s comments to wealthy clients in recent conversations were shared with the news service, which published a collection of his remarks. Shares of JPMorgan Chase are down 22.9% in 2022, compared to a 7.1% loss by the Dow Jones Industrial Average
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