The billionaire banker hailed the US economy's resilience, the solid state of consumer balance sheets and spending, and continued employment growth in his earnings commentary. But he also underlined the presence of"salient risks in the immediate view."
"Consumers are slowly using up their cash buffers, core inflation has been stubbornly high , quantitative tightening of this scale has never occurred, fiscal deficits are large," the JPMorgan CEO wrote. "The war in Ukraine continues, which in addition to the huge humanitarian crisis for Ukrainians, has large potential effects on geopolitics and the global economy," he added.
Dimon reiterated on the bank's earnings call that consumers are in good financial shape, noting that shouldif one does occur. But he noted the"headwinds are substantial and somewhat unprecedented," according to a transcript provided by AlphaSense/Sentieo. The bank chief again highlighted the Ukraine conflict, as well as potential disruption to global energy supplies, and the unknown fallout from governments reducing their nations' money supply. If any of those dangers hit the US economy, it's unclear whether they would cause a"soft landing, a mild recession, or a hard recession," he added.
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