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Jamie Dimon: The Cold War is back and a recession is a real possibility

Jamie Dimon: The Cold War is back and a recession is a real possibility



Jamie Dimon: Businesses must work to solve inequalityReplayMore Videos ... (16 Videos)Jamie Dimon: Businesses must work to solve inequalityFormer NY Fed chief: Fed was 'very late' in addressing inflationAnalyst: 'Lockdown in Shanghai will rock China's economy''We really shouldn't panic': CNN reporter breaks down US economy shrinkage'Puts me on the street': Americans forced out of homes as rents skyrocketInside the American struggle with rising energy prices3 reasons why Deutsche Bank is forecasting a recessionForget oil. Here's how Russia's war in Ukraine is jacking up food prices.European Central Bank buckles down on price stability Why mortgage rates will likely continue to riseUS Treasury Secretary: This is what's hurting pandemic recoveryIMF cuts global growth forecast as war in Ukraine continuesHow China's lockdowns may affect the US economyChina's economy headed downward as lockdowns tightenWhat the Fed needs to do as recession looms over US economyYellen sends warning to countries 'indifferent' to Russian sanctionsNew York (CNN Business)JPMorgan Chase CEO Jamie Dimon said Wednesday that the Federal Reserve should have moved sooner to raise interest rates and conceded the odds do not favor taming inflation without sparking a recession.

"We're a little late but remember two years ago we had 15% unemployment and no vaccine. People should take a deep breath and give them a chance," Dimon told Bloomberg TV. "The sooner they move the better."The JPMorgan (JPM) CEO added that the federal government needs to focus on national security in the wake of the war in Ukraine. "The Cold War is back," Dimon said. "Global energy is precarious...If oil goes to $185 that's a huge problem for people and we should do everything we can today. We need to pump more oil and gas."'Very, very unlikely' Fed can tame inflation without sparking recession, former NY Fed chief saysThe good news is Dimon says the US economy is "very strong" right now and consumers are in "great shape."Read MoreAsked if he's worried about the Fed starting a recession, Dimon said, "Of course."Dimon sees just a one in three chance that the Fed can engineer a "soft landing," where inflation is brought under control and the economic expansion continues. He sees the same odds for a "mild recession" that spans six to nine months, adding that there's "a chance it's going to be much harder than that." The Fed is "going to try to slow the economy enough so that 8% [inflation] starts to come down over time. I wish them the best," Dimon said.


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