JPMorgan Chase & Co. CEO Jamie Dimon told CNBC in an interview on Tuesday that a "mild to hard recession" could hit the United States in the upcoming year of 2023.
Although Dimon praised the US economy as "the strongest in the world today," he warned that "inflation could erode all that" as it is affecting consumer spending. The JPMorgan head explained that buyers are now using their "excess savings" from pandemic stimulus programs, which will dry up at some point in 2023.
Dimon previously cautioned that an "economic storm" might be on its way, as all the conditions he talked about earlier took place.
