Tough times are ahead, former Chase chief economist warns
Former Chase chief economist Anthony Chan argues the question right now is whether an upcoming recession will be major or minor given the inconclusiveness of the data.
Former Chase chief economist Anthony Chan reacted to JP Morgan Chase CEO Jamie Dimon’s warning of a looming economic “hurricane,” warning that he, too, believes “tough times are ahead.”
Speaking on “Varney & Co.” on Tuesday, Chan also argued that there is “no doubt” that the risk of recession has increased for 2023.
Dimon, who said at the beginning of May there were storm clouds forming on the economic horizon, ratcheted up his warning last week, citing fresh challenges facing the Fed as it seeks to tame the hottest inflation in a generation.
“I said there were storm clouds. But I’m going to change it. It’s a hurricane,” he said during a conference hosted by AllianceBernstein Holdings.
“Right now it’s kind of sunny,
