Michael Lee Strategy founder Michael Lee discusses the strength of the U.S. economy ahead of Christmas and whether the Fed will 'overdue' rate hikes on 'Varney & Co.'on Tuesday warned that stubbornly high inflation could trigger a U.S. economic recession next year as steep prices cause consumer spending to dry up.
"Inflation is eroding everything I just said, and that $1.5 trillion will run out sometime mid-year next year," Dimon said during an interview on CNBC. "When you are looking that forward, those things very well may derail the economy and cause thisThe head of the largest bank in the U.S. first sounded the alarm over the state of the economy in early May, citing concerns over inflationary pressures, a hawkish Federal Reserve and the war in Ukraine.
Policymakers could ultimately lift interest rates as high as 5% next year, Dimon said, and even "that may not be sufficient."FED'S POWELL SIGNALS SMALLER INTEREST RATE HIKES COULD START IN DECEMBER Shoppers walk through the milk and cream section of a supermarket in Montebello, California, on August 23, 2022."What I said about a hurricane, I said those storm clouds could mitigate," he said. "It could be a hurricane. We simply don't know. As a risk manager, I prepare for both, but I'm not guessing which one's going to happen."
Scary thought...
I want Charles Payne thought on this if he responds.... PM me!
It already is, socialist economy never worked and never will!!!!
Inflation is as bad as the lack of plan to deal with it and it’s consequences. This patient needs supply and oxygen and remove those choking the system
But Biden's anonymous economics experts say everything is awesome.
We are already in a recession wake up!
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Source: CNBC - 🏆 12. / 72 Read more »