Overview

• Jamie Dimon said fading pandemic-era fiscal and monetary support leaves the economy exposed to a downturn that could show up soon in weaker real numbers.
• He dismissed survey data showing weakening confidence, arguing that neither consumers nor businesses ever identify inflection points before shifts occur.
• May’s latest economic reports revealed that both job growth and inflation slowed, signaling cooling momentum despite year-to-date gains.
• Dimon warned that private credit markets are trading at tight spreads and prices he considers unattractive for new investments.
• He predicted modest employment declines alongside modest inflation rises and flagged reduced immigration as a further complicating factor.