Unlock the Editor’s Digest for free. Editor of the FT, Roula Khalaf, selects her favourite stories in this weekly newsletter. JPMorgan Chase chief executive Jamie Dimon expressed that the US economy is “booming” while also cautioning that he was “on the cautious side” regarding whether there would be a soft landing.
In a recent interview at the Economic Club of New York, Dimon discussed the state of the US economy, calling it “unbelievable” and remarking that it had been “booming for a while.” Despite previous concerns that interest rate increases by the Federal Reserve might trigger a recession, Dimon stated, “We’re in pretty good shape and so far it looks like that soft-landing type of scenario.” However, he added, “But put me on the cautious side of that one.”
Dimon cited a saying from his Wall Street days that suggested ‘the markets will do whatever they have to do to hurt the most people,’ indicating that the situation could be precarious. He also commented on the surprising resilience of oil prices amidst geopolitical tensions, cautioning that “It doesn’t take a lot to send oil and gas prices back to $120 or higher.”
Jamie Dimon’s reputation on Wall Street has led to calls for him to run for president, to which he has resisted. Despite this, he has expressed his desire for more individuals from the business community to serve in government and offered advice for the next president, suggesting that they should appoint members from the opposing party to their cabinet.
Additionally, Dimon praised Indian Prime Minister Narendra Modi for his work in India, mentioning the significant reduction of poverty during Modi’s time in power. He noted that despite criticism from the liberal press in the US, Modi has made strides in improving the country’s economic situation.