US slips towards recession, JP Morgan Chase boss warns

The US economy is sliding into recession in the next six to nine months,JP Morgan Chase chief executive Jamie Dimon said.

“These are very, very serious things which I think are likely to push the US and the world — I mean, Europe is already in recession — and they’re likely to put the US in some kind of recession six to nine months from now,” Mr Dimon told CNBC on Monday.

“The likely place you’re going to see more of a crack and maybe a little bit more of a panic is in credit markets, and it might be ETFs [exchange-traded funds], it might be a country, it might be something you don’t suspect,” Mr Dimon said.

“If you make a list of all the prior crises, sitting here we would not have predicted where they came from, though I think you could predict this time that it probably will happen. So if I was out there, I’d be very cautious. If you need money, go raise it.”

Persecondnews.com reports that the JP Morgan Chase chief also said that the global economy are facing “serious” headwinds and are probably heading for a recession also.