Jamie Dimon letter: "We are facing challenges at every turn"
JPMorgan Chase chairman and CEO Jamie Dimon writes in his annual letter to shareholders, which is closely read on Wall Street, that consequences of the war in Ukraine could affect the world for decades.
"America and the rest of the world are facing the confluence of three important and conflicting forces," Dimon writes:
- "a strong U.S. economy, which, we hope, has COVID-19 in its rearview mirror."
- "high inflation, which means rising interest rates and, importantly, the reversal of quantitative easing (QE)."
- "the war in Ukraine and the accompanying humanitarian crisis, with its impact on the global economy in the short term, as well as its significant impact on the geopolitics of the future."
"These factors will likely have a meaningful effect on the economy over the next few years and on geopolitics for the next several decades," Dimon continues.
- "The war in Ukraine and the sanctions on Russia, at a minimum, will slow the global economy — and it could easily get worse.”
The bottom line: "We are facing challenges at every turn: a pandemic, unprecedented government actions, a strong recovery after a sharp and deep global recession, a highly polarized U.S. election, mounting inflation, a war in Ukraine and dramatic economic sanctions against Russia," Dimon adds.
- "During this difficult time, we have a moment to put aside our differences, offer solutions and work with others in the Western world to come together in defense of democracy and essential freedoms."