JPMorgan CEO Jamie Dimon's massive recession warning: 'Sharp correction in...'

JPMorgan CEO Jamie Dimon has said that a recession can hit the US economy by 2026, even though the GDP growth rate was 3.8 per cent in the past quarter.

Jamie Dimon is known for his analysis of the state of the US economy. He said in an interview earlierthis week that a recession could hit the US in 2026.

"I think [a recession] could happen in 2026—I’m not worried about it, is a different statement. We’ll deal with it, we’ll serve our clients, we’ll navigate through it. A lot of us have been through them before," he said.

‘Certain people will get hurt’

He earlier warned that the US economywas weakening.

In an interview with Bloomberg, he said no onewishes for a recession. "You don’t wish it, because you know certain people get hurt. How does it all sort out? We’ll see," he added.

He said the current government shutdown isn't helping the economy.

He told the BBC in an interview that there is a higher risk of a serious fall in US stocks. He said he is worried about a serious market correction. He said it could come between the next six months to two years.

He also said that the US has become a less reliable partner.

He said the US stock markets were overheated. "I am far more worried about that than others," he added.

He said factors like geopolitical environment, fiscal spending, and the remilitarization of the world are creating an atmosphere of uncertainty.

"All these things cause a lot of issues that we don't know how to answer," he added.

His remarks came days after the Bank of England warned that the values of AI tech companies "appear stretched" with a rising risk of a "sharp correction".

He said some of the moneyinvested in AI would be lost. However, AI as a concept will succeed.

He also called for greater safety in the world.

"People talk about stockpiling things like crypto, I always say we should be stockpiling bullets, guns, and bombs. The world's a much more dangerous place, and I'd rather have safety than not," he added.

He also said that the US central bank should remain independent.