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‘We are in a recession, but you will have a delayed effect to see the normal effects of recession.’
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That’s Jamie Dimon, CEO of JPMorgan Chase & Co. offering its views on the outlook for the economy in the wake of the COVID-19 pandemic.
Speaking to MSNBC’s Stephanie Ruhle in an interview scheduled for Tuesday, the billionaire CEO of the nation’s largest bank predicts a hard way ahead for market value to recover from the recession that Americans are currently finding themselves slowing down in. .
The banker notes that the pandemic and the reaction of the government and central bank to it have created a disconnect between the real economy and stock, with the Dow Jones Industrial Average DJIA,
on Tuesday rise and the S&P 500 index SPX,
within a stone of record height and the Nasdaq Composite Index COMP,
to have produced 32 record closing peaks by 2020.
Meanwhile, millions of people are out of work because the spread of the disease is an expansion, and sometimes a re-imposition, forcing business closures to curb contamination, while congressional lawmakers are not voting on additional incentives for those out-of – working Americans after incentive measures ended at the end of last month.
Dimon said the public health crisis would ultimately affect income.
“We can do no more this year and think it will not cause any destruction in the economy,” he said of talks by lawmakers about delivering a new round of aid to individuals.
Dimon said the pandemic created by the spread of the new strain of coronavirus is likely to have lasting effects in the future, as consumers remain sluggish about returning to and achieving some semblance of normality in the long run.
“There will be some scar tissue from this, but we have a chance to recover,” the CEO said.
In a separate interview with CNN, Dimon said he was encouraged by some signs that the viral spread was slowing down in some states and hopefully the US would eventually get the disease under control.
“We will win that war,” the JPMorgan Chase JPM,
chief told CNN’s chief business correspondent, Christine Romans, recently, predicting that unemployment would fall to about 7% by next year.
Dimon makes the rounds of the media when he joins an initiative to work with institutions and non-profit organizations to hire people from marginalized communities, including Blacks, in the wake of heightened sensitivity about racial injustice after the murder of George Floyd back in May.
“The pace is fast, the world has become more complex, and these problems of education, and jobs, infrastructure, immigration, if you fix these things, we will have a much fairer society,” Dimon said.
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