watch
now
JPMorgan
Chase
CEO
Jamie
Dimon
said
he
remains
cautious
on
the
U.S.
economy
over
the
next
two
years
because
of
a
combination
of
financial
and
geopolitical
risks.
“You
have
all
these
very
powerful
forces
that
are
going
to
be
affecting
us
in
’24
and
’25,”
Dimon
told
Andrew
Ross
Sorkin
on
Wednesday
in
a
CNBC
interview at
the
World
Economic
Forum
in
Davos,
Switzerland.
“Ukraine,
the
terrorist
activity
in
Israel
[and]
the
Red
Sea,
quantitative
tightening,
which
I
still
question
if
we
understand
exactly
how
that
works,”
Dimon
said.
Quantitative
tightening
refers
to
moves
by
the
Federal
Reserve
to
reduce
its
balance
sheet
and
rein
in
previous
efforts
including
bond-purchasing
programs.
Dimon
has
advocated
caution
over
the
past
few
years,
despite
record
profits
at
JPMorgan,
the
nation’s
largest
bank,
and
a
U.S.
economy
that
has
defied
expectations.
Despite
the
corrosive
impact
of
inflation,
the
American
consumer
has
mostly
remained
healthy
because
of
good
employment
levels
and
pandemic-era
savings.
In
Dimon’s
view,
the
relatively
buoyant
stock
market
of
recent
months
has
lulled
investors
on
the
potential
risks
ahead.
The
S&P
500
market
index
rose
19%
in
the
past
year
and
isn’t
far
from
peak
levels.
“I
think
it’s
a
mistake
to
assume
that
everything’s
hunky-dory,”
Dimon
said.
“When
stock
markets
are
up,
it’s
kind
of
like
this
little
drug
we
all
feel
like
it’s
just
great.
But
remember,
we’ve
had
so
much
fiscal
monetary
stimulation,
so
I’m
a
little
more
on
the
cautious
side.”
watch
now
Goldman
Sachs
CEO
David
Solomon
said
Wednesday
that
while
the
market
environment
excluding
geopolitical
issues
“feels
better
today”
than
a
year
ago,
he
was
troubled
by
soaring
U.S.
debt
levels.
“I’m
very
concerned
about
the
growing
debt,”
Solomon
said.
“It’s
a
big
risk
issue
that
we’re
going
to
have
to
deal
with
and
reckon
with,
it
just
might
not
happen
in
the
next
six
months.”
Dimon
is
no
stranger
to
dire
predictions:
In
2022,
he
warned
investors
of
an
economic
“hurricane”
ahead
because
of
quantitative
tightening
and
the
Ukraine
conflict.
In
Wednesday’s
wide-ranging
interview,
Dimon
discussed
his
views
on
Ukraine,
former
President
Donald
Trump,
immigration,
commercial
real
estate
and
bitcoin.
“We
have
to
teach
the
American
public
that
this
is
about
freedom
and
democracy
for
the
free
world,
and
that’s
why
the
battle
is
being
fought,”
Dimon
said
about
the
Ukraine
conflict.
Read
more:
Jamie
Dimon
says
‘brace
yourself’
for
an
economic
hurricane
caused
by
the
Fed
and
Ukraine
war
