Jamie Dimon, the CEO of JPMorgan Chase, is still projecting an impending recession, despite the fact that many analysts believe the likelihood has decreased since the United States and China agreed to reduce tariffs earlier this week. During the bank’s annual conference in Paris on Thursday, Dimon told Bloomberg TV, “I wouldn’t take it off the table at this point.”
Following the trade agreement reached during the weekend in Geneva between officials from the Trump administration and the Chinese government, JPMorgan economists reduced the likelihood that the US economy would plunge into recession from 60% to less than 50%.
The markets are definitely calmed by it. However, he said, “the markets do vote, so that’s not the reason to do it.” US equities soared Monday on the announcement of the agreement, with the Dow completing the day over 1,200 points higher. The index, along with other major indices, plummeted precipitously last month following President Donald Trump’s announcement of a number of new tariffs, and it is now just barely in negative territory for the year.
According to Dimon, JPMorgan Chase has profited from the significant volatility that financial markets have seen in recent months as it has increased trade volume. However, it isn’t always the case during periods of significant market volatility.
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