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A bleak future awaits us if Jamie Dimon's latest economic scenarios come true

A bleak future awaits us if Jamie Dimon's latest economic scenarios come true

Bank manager about this topic CNBCIn his speech on the occasion of the Shanghai World Summit. According to him, anyone who reads history cannot rule out a sharp decline.

According to Dimon, the worst outcome for the US economy would be a “stagflation” scenario. Inflation will rise again in this scenario, but growth will slow as unemployment rates rise. This could mean lower corporate profits. According to him, the chances of such a scenario occurring are higher than many people think.

At the same time, he noted that “consumers are still doing well,” the unemployment rate has remained below 4% for two years, and wages, housing prices and stock prices are rising. However, the level of consumer confidence remains low, likely due to inflation.

Minutes from the Fed's May meeting released Wednesday showed that policymakers are increasingly concerned about inflation, with Fed policymakers becoming less confident about easing monetary policy and cutting interest rates. According to Dimon, interest rates may rise “a little bit.”

According to the bank president, inflation is more contagious than people think, but the world was not really prepared for higher inflation.

Cover image credit: Nathan Laine/Bloomberg via Getty Images

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