Jamie Dimon, CEO of JPMorgan Chase, has warned of the possibility of stagflation as the worst-case scenario for the US economy, stating that it shouldn't be dismissed. Dimon made these remarks at the Council of Institutional Investors in New York, highlighting concerns about inflation and economic growth.
JPMorgan Chase CEO has laid out the "worst outcome" for America's economic future, beyond recession."The worst outcome is stagflation," said Dimon. "And by the way, I wouldn't take it off the table."68-year-old Jamie Dimon made his remarks on Tuesday at the Council of Institutional Investors in New York.
Morgan Chase is the largest bank in the United States according to Bankrate, with $3.4T in assets.Stagflation, a portmanteau of stagnation and inflation, refers to a state where economic growth slows while inflation and unemployment rise.The economic consequences of stagflation may cause retirement savings to go down as well as the stock market to crash; it was last seen in the U.S. during the 1970s, according to Investopedia. While inflation in August grew less than expected at 2.
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