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JP Morgan CEO testifies that bank sees economic trouble brewing

The CEO of American multinational investment bank, JP Morgan is set to testify that major economic troubles appear to be on the horizon. Jamie Dimon will appear before Congress later today (Wednesday) and tomorrow (Thursday) along with the heads of three other major banks. He is expected to warn policymakers that significant storm clouds are gathering over the economy.

JP Morgan’s major areas of concern include the actions of the Federal Reserve and its hawkish monetary policy, persistently high levels of inflation, the war in Ukraine and the ongoing supply chain issues that have blighted the global marketplace since the Covid-19 pandemic.

Dimon’s testimony states that uncertainty abounds, with his prepared remarks noting that, “While these storm clouds build on the horizon, even the best and brightest economists are split as to whether these could evolve into a major economic storm or something much less severe.”

One thing that is apparent is this perfect storm of inflation, rate hikes and supply chain constraints is having a major impact on the stock market and leaving investors rattled.

The S&P 500, Nasdaq and Dow Jones Industrial Average all closed the day with losses yesterday (Tuesday). Car maker Ford is the latest to have sent investors into a tailspin, with its shares nose diving after it revealed that it was around £870 million ($1 billion) out of pocket as a result of inflation and was being forced to slow down output due to shortages of vital automotive parts.

If you caught our Friday Bulletin, you’ll know that there is a substantial window to buy open right now – likely the best one we’ll see for a good few years given gold’s tendency to rally strongly during any economic downturn. There’s never been a better time to buy. Act today to claim your advantage.

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