The United States is looking at an economic “hurricane” of challenges down the road and the Federal Reserve must take strong precautions to avoid a recession, a top banking official has warned.
“It’s a hurricane,” Jamie Dimon, CEO of JPMorgan Chase & Co., told a banking conference, adding that it was unprecedented.
“Right now, it’s kind of sunny, things are doing fine. Everyone thinks the Fed can handle this. That hurricane is right out there, down the road, coming our way. We just don’t know if it’s a minor one or Superstorm Sandy,” he added.
Dimon’s comments come a day after President Joe Biden met with Federal Reserve Chair Jerome Powell to discuss inflation, which is hovering at 40-year highs….