US is heading into 'something worse' : JP Morgan CEO

JPMorgan CEO told there's a chance the US is heading into 'something worse' than a recession.

JPMorgan CEO Jamie Dimon spoke to some of the bank's wealthy clients on a call Tuesday, Yahoo reported – He said there's a 20-30% chance of a "harder recession" and equal odds of "something worse."

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JPMorgan CEO Jamie Dimon estimated last week the probability that the US would head into a recession, according to a Yahoo Finance report published Saturday.

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Dimon said on a client call Tuesday, the economy is "strong" but he noted there are "storm clouds" on the horizon, including federal monetary policies, Russia's invasion of Ukraine, and rising oil prices.

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The categorization is an apparent downgrade from Dimon's previous comments in June when he warned of an "economic hurricane."

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"Consumers' balance sheets are in good shape. Businesses are equally in good shape. When you forecast, you have to think differently," he said, per the Yahoo report. "It is a bad mistake to say 'here is my single point forecast.'"

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The CEO broke down the odds of a "soft landing" to be around 10% and the probability of a "harder landing" or "mild recession" to be closer to 20-30%.

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There's also a 20-30% chance of a "harder recession" and a 20-30% chance of "something worse," according to Dimon.

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Earlier this summer, Dimon walked back the "storm cloud" metaphor he first used to describe the US economy in April

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"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," Dimon said in June.

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"We just don't know if it's a minor one or superstorm Sandy... or Andrew or something like that."

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