Search
Home

J.P. Morgan's Jamie Dimon Warns of Looming Economic ‘Hurricane’

keely

Inflation has been soaring, gas prices continue to skyrocket, and food shortages are on the horizon. A few weeks ago, J.P. Morgan Chase chief Jamie Dimon gave warning that a storm was looming over the United States Economy.

However, now he is escalating that warning. Dimon is now predicting the economic storm to be more of a hurricane.

“I said there were storm clouds, big storm clouds. It’s a hurricane,” Dimon stated at a conference on Wednesday. “Right now it’s kind of sunny, things are doing fine, everyone thinks the Fed can handle it. That hurricane is right out there down the road coming our way. We don’t know if it’s a minor one or Superstorm Sandy. You better brace yourself.”

He explained that the Fed's plan is to shrink its balance sheet, which is also known as quantitative tightening or QT.

“We’ve never had QT like this, so you’re looking at something you could be writing history books on for 50 years,” Dimon added.

Breitbart reports that the Fed will "begin to shrink its balance sheet this month by letting maturing bonds roll off at an initial pace of $47.5 billion per month. That is scheduled to double to $95 billion a month in September."

Not a bad idea to make sure your pantry is stocked up folks. It could be a bumpy ride.