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

JPMorgan Chase CEO Jamie Dimon said that ostentation could extremity the U.S. system into recession adjacent year.

While consumers and companies are presently successful bully shape, that whitethorn not past overmuch longer, Dimon said Tuesday connected CNBC's "Squawk Box." Consumers person $1.5 trillion successful excess savings from pandemic stimulus programs and are spending 10% much than successful 2021, helium said.

"Inflation is eroding everything I conscionable said, and that trillion and a fractional dollars volition tally retired sometime mid twelvemonth adjacent year," Dimon said. It "may precise good derail the system and origin a mild oregon hard recession that radical interest about."

Dimon, 66, has led the New York-based slope since 2006. Under his leadership, JPMorgan became the biggest U.S. slope by assets arsenic it weathered the 2008 fiscal crisis, its aftermath and the 2020 coronavirus pandemic.

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