Jamie Dimon spoke to some of the bank's wealthy clients on a call.
There is a 20-30% chance of a harder recession and an equal chance of something worse, according to him.
His June warning of a "hurricane" was apparently upgraded to a "storm clouds" description.
According to a Yahoo Finance report, Jamie Dimon said last week that the US would likely go into a recession.
The economy is strong, but there are clouds on the horizon, including federal monetary policies, Russia's invasion of Ukraine, and rising oil prices. In June, when he warned of an "Economic Hurricane," the categorization was a change from his previous comments.
Balance sheets for consumers are in good shape. Businesses are doing well. He said that you have to think differently when forecasting. It's not a good idea to say "here is my single point forecast."
There is a 10% chance of a soft landing and a 20-30% chance of a hard landing. There is a 20-30% chance of a harder recession and a 20-30% chance of something worse.
In April, Dimon described the US economy as a "storm cloud".
He said at the Bernstein conference that he was going to change his mind and that it was a Hurricane. You need to brace yourself." We are going to be very cautious with our balance sheet.
Industry leaders like Dimon have provided various economic forecasts over the past few months, as a strong labor market clashes with two consecutive quarters of contraction, leaving many experts puzzled over whether or not the US is approaching a recession.
It's nice right now. The things are going well. Everyone believes the Fed can handle this. In June, he said that the storm was right out there. We don't know if it's a small storm or a big storm.
Business Insider has an article on it.
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