JPMorgan Chase’s CEO, Jamie Dimon, has expressed concern that recent positive economic indicators may soon take a turn for the worse due to the impact of President Donald Trump’s tariffs. Speaking at the Morgan Stanley US Financial Conference in New York, Dimon warned, “You’re going to see real numbers, and I think there’s a chance real numbers will deteriorate soon.”
Although the current monthly inflation and jobs data remain unaffected, Dimon cautioned that this stability could change, leading to a potential economic downturn. He noted that Wall Street is hoping for signs of resilience in the economy despite the uncertainties created by the tariffs. However, he acknowledged that it may take several months before the full effects of tariffs on business operations, employment, and inflation manifest.
Despite a rebound in consumer confidence and the stock market, Dimon emphasized that genuine economic health is ultimately determined by hard data such as job growth and inflation rates. He explained that, thus far, the primary impacts have only been felt in consumer sentiment and not in the underlying economic statistics.
As for future expectations, Dimon predicted a slight increase in inflation and a modest decrease in employment figures. He hopes that these changes will only be minor. He mentioned that while recent Consumer Price Index figures indicated that inflation had cooled, ongoing issues linked to tariffs and immigration policies could hinder economic growth.
In addressing these challenges, Dimon remarked, “These are a lot of moving parts,” indicating the complexity of the current economic climate. He added that while tariffs might create some turbulence in the economy, they shouldn’t jeopardise its overall stability. Dimon concluded by highlighting the importance of larger global economic relationships and military alliances, suggesting that these factors will ultimately shape the future trajectory of the US economy.