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Jamie Dimon Says JPMorgan Is Bracing Itself for Economic ‘Hurricane’
- Says Fed actions, war in Europe create unprecedented challenge
- Still too soon to say how intense the storm will be, CEO says
"Jamie Dimon warned investors to prepare for an economic “hurricane” as the economy struggles against an unprecedented combination of challenges, including tightening monetary policy and Russia’s invasion of Ukraine.
“That hurricane is right out there down the road coming our way,” the chief executive officer said at a conference sponsored by Alliance Bernstein Holdings Wednesday. “We don’t know if it’s a minor one or Superstorm Sandy. You better brace yourself.”
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El-Erian: Beware a global economy with little fires everywhere
The rich world has shown impressive unity in helping Ukraine counter the Russian invasion. It now needs to demonstrate the same level of resolve to protect the wellbeing of its own citizens and of the world in the face of mounting economic and financial challenges.
Policymakers must aim to ensure that the many economic fires fuelled elsewhere by the Ukraine conflict do not end up causing a second devastating inferno that destroys the lives or livelihoods of many of the world’s most vulnerable people.
Mohamed El-Erian is chief economic adviser at Allianz. He served as chair of Barack Obama’s Global Development Council and is a former deputy director at the IMF.
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