Jamie Dimon says inflation eroding consumer wealth may cause recession next year

Posted on AllSides December 6th, 2022
From The Center

 JP Morgan Chase CEO Jamie Dimon said that inflation could tip the U.S. economy into recession next year.

While consumers and companies are currently in good shape, that may not last much longer, Dimon said Tuesday on CNBC’s “Squawk Box.” Consumers have $1.5 trillion in excess savings from pandemic stimulus programs and are spending 10% more than in 2021, he said.

“Inflation is eroding everything I just said, and that trillion and a half dollars will run out sometime mid-year next year,” Dimon said. “When you’re looking out forward, those things may very...

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