Uh-oh.
Over there at Breitbart is this red flag from JP Morgan Chase’s Jamie Dimon: https://www.breitbart.com/
JPMorgan Chase profits jump, warns on inflation and wars
The story reports:
“The positive trends in NII, consumer credit and higher profits from commercial banking helped JPMorgan offset some areas of weakness such as corporate and investment banking, where overall revenues dipped two percent. JPMorgan said the results excluded the impact of its purchase of First Republic.
Dimon, who has warned for months of ‘storm clouds,’ reiterated that the economy faces significant headwinds.
‘Persistently tight labor markets as well as extremely high government debt levels with the largest peacetime fiscal deficits ever are increasing the risks that inflation remains elevated and that interest rates rise further from here,’ said Dimon.
‘The war in Ukraine compounded by last week’s attacks on Israel may have far-reaching impacts on energy and food markets, global trade, and geopolitical relationships. This may be the most dangerous time the world has seen in decades,’ Dimon said.
On the conference call, Dimon said the comments about the potential for interest rates to rise further reflected risk management rather than a prediction.
While the fallout from the wars have economic effects, he described those as secondary compared with the impact on geopolitical relations and the ‘effect on the Western world.’”
Note that last sentence referring to “the impact on geopolitical relations and the ‘effect on the Western world.”
Indeed. With the bombs literally falling on Gaza and Israeli troops on the march, the “impact on geopolitical world” could indeed be considerable.
