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James Dimon's Warning for the U.S. Economy and uncertainties ahead

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Sat, 2020-07-25 21:06 — mike kraft
Jamie Dimon's warning for the U.S. economy — nobody knows what comes next More than four months into the coronavirus pandemic, the financial damage wrought by the outbreak has yet to fully register. Hugh Son CNBC
  • The range of outcomes for the economy in the second half is incredibly wide: JPMorgan Chase sees no fewer than five different paths it can take.
  • The bank has gotten more pessimistic, seeing unemployment in its default “base” scenario hitting nearly 11% by the end of this year, 4.3% worse than when it made the same forecast in April.
  • In a worst-case scenario where the virus surges further in the fall, forcing another round of widespread shutdowns, unemployment could peak at roughly 23%, the bank said.
  • “The word unprecedented is rarely used properly,” Dimon said this week. “This time, it’s being used properly. It’s unprecedented what’s going on around the world, and obviously Covid itself is a main attribute.”
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