Huge mistake to think economy will boom for years

Jamie Dimon, chairman and chief executive officer of JPMorgan Chase & Co., speaks during the Institute of International Finance (IIF) annual membership meeting in Washington, DC, US, on Thursday, Oct. 13, 2022.

Ting Shen | Bloomberg | Getty Images

JPMorgan Chase CEO Jamie Dimon said Monday that while the U.S. economy is doing well, it would be a “huge mistake” to believe that it will last for years.

Healthy consumer balance sheets and rising wages are supporting the economy, but there are risks ahead, including central banks reining in their liquidity programs, the Ukraine war, and governments around the world “spending like drunken sailors,” the executive said.

Dimon, head of the biggest U.S. bank by assets, was speaking at a financial conference in New York.

“To say the consumer is strong today, so we are going to have a booming environment for years is a huge mistake,” he said.

The world’s largest economy has defied expectations for the past year, including from prognosticators like Dimon. Last year, he warned that a potential economic hurricane was on the way, citing the same concerns around central banks and the Ukraine conflict. But the U.S. economy has proven resilient, leading more economists to expect that a recession might be avoided.

This story is developing. Please check back for updates.

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