Chase CEO Jamie Dimon and billionaire hedge fund founder Ray Dalio admit they got warnings on US economy wrong -- for now [View all]
Source: Business Insider
Mar 9, 2024, 8:29 PM EST
Chase CEO Jamie Dimon and billionaire hedge-fund founder Ray Dalio appear to be hedging on their doom-and-gloom predictions for the US economy after warning for some time that a recession was imminent.
In September 2022, Dalio told MarketWatch that, as stocks and bonds suffer, the US will likely slide into a recession in 2023 or 2024.
Around the same time, Dimon told CNBC that while the US economy was "actually still doing well," he believed that runaway inflation, high interest rates, and the war in Ukraine could cause the US to go into a recession in "six to nine months."
Many high-profile investors, billionaires, and economists anticipated a painful economic storm in the US, but the economy has so far defied expectations amid strong jobs reports, cooling inflation, and high consumer spending. "I was bearish on the economy," Dalio told The Wall Street Journal. "I got it wrong."
Read more: https://www.businessinsider.com/jamie-dimon-ray-dalio-us-economy-recession-predictions-wrong-wsj-2024-3
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