Chase CEO Jamie Dimon has warned of a looming economic “hurricane” caused by the Ukraine war, rising inflation pressures, and Fed interest rate hikes. He said during a conference hosted by AllianceBernstein Holdings, “Right now it’s kind of sunny, things are doing fine, everyone thinks the Fed can handle it. That hurricane is right out there down the road, coming our way. We don’t know if it’s a minor one or Superstorm Sandy. You better brace yourself.” A recent poll determined that many Americans aren’t confident in the strength of our economy. Gallup’s latest Economic Confidence Index (ECI) number was set at -45. The ECI “summarizes Americans’ ratings of current economic conditions and whether the economy is getting better or worse.” The index ranges from +100 (very good) to -100 (very bad), and has been used to measure the economy since the end of the Great Recession.

 

Market Watch/Fox Business
Jamie Dimon warns of an economic ‘hurricane’ coming: ‘Brace yourself’

JPMorgan Chase CEO Jamie Dimon warned of a looming economic “hurricane” caused by an increasingly hawkish Federal Reserve, rising inflationary pressures and the Russian invasion of Ukraine.

Dimon – who said at the beginning of May there were storm clouds forming on the economic horizon – ratcheted up his warning on Wednesday, citing fresh challenges facing the Fed as it seeks to tame the hottest inflation in a generation.

“I said there were storm clouds. But I’m going to change it. It’s a hurricane,” he said during a conference hosted by AllianceBernstein Holdings. “Right now it’s kind of sunny, things are doing fine, everyone thinks the Fed can handle it. That hurricane is right out there down the road coming our way. We don’t know if it’s a minor one or Superstorm Sandy. You better brace yourself.”

You can read the full story, here.

 

Money Metals via GoldSeek/Stefan Gleason
Peak Inflation or Peak Dollar?

Talk of “peak inflation” is helping to drive investor inflows back into stock and bond markets.

As the narrative goes, inflation readings have hit their highs for the year. The Federal Reserve will hike rates until monetary policy “normalizes,” then declare victory over the very problem its policies unleashed.

This rosy scenario gained some traction on Friday after the government reported Personal Consumption Expenditures data. The Fed’s preferred “core” PCE measure came in at 4.9% annually in April, down from 5.2% in the previous month.

Conveniently for central bankers and Wall Street cheerleaders, the “core” rate excludes volatile food and energy prices.

You can read the full story, here.

 

CNN Business/Chris Cillizza
This is a disastrous economic number for Joe Biden and Democrats

There are a lot of bad numbers kicking around the political world for President Joe Biden and his party in Congress at the moment, but none may be worse than this one: -45.

That’s Gallup’s most recent Economic Confidence Index number, which “summarizes Americans’ ratings of current economic conditions and whether the economy is getting better or worse.” The index ranges from +100 (very good) to -100 (very bad). The rating from May of -45 is the public’s most negative view of the economy Gallup has measured since the end of the Great Recession in early 2009.

The numbers inside Gallup’s index provide more daunting news for Democrats. Just 14% of Americans said that economic conditions in the US are “excellent” or “good.” More than three times that number — 46% — said economic conditions were “poor” and 39% rated them as “only fair.” That’s even worse than where Gallup found things in April, when 1 in 5 Americans said that the state of the economy was either “excellent” or “good,” while 42% said they were “poor.”

Continue reading, here.

 

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