Overview

• Jamie Dimon, CEO of JPMorgan Chase, stated that a U.S. recession remains a serious possibility, with economists estimating the odds at around 50%.
• Despite a temporary 90-day tariff reduction between the U.S. and China, import taxes remain significantly higher than last year, contributing to economic uncertainty.
• Dimon noted that ongoing tariff volatility has led some JPMorgan clients to delay investments, while trading volumes have increased due to market instability.
• Broader concerns such as geopolitical conflicts, rising deficits, inflation, and higher interest rates are cited as factors slowing economic growth.
• Recent data from the U.S. Census Bureau showed consumer spending was flat in April, reinforcing a cautious economic outlook despite reduced recession forecasts from major banks like Goldman Sachs.