JPMorgan Chase CEO Jamie Dimon is predicting a 'bad recession,' saying that in the most adverse scenario, a downturn would last through the rest of the year. The unemployment rate would spike as high as 14% in this environment.
Dimon expects a"bad recession," he wrote in the letter released Monday, saying that in the most adverse scenario, gross domestic product could plunge at a 35% annual rate in the second quarter and that a downturn would last through the rest of the year. The unemployment rate would spike as high as 14% in this environment. But Dimon added that"this scenario is quite severe and, we hope, unlikely.
Jamie Dimon on 'living deliberately' after cancer 01:30But Dimon stopped short of naming any particular political leaders, indicting the system writ large as opposed to one political party. "While the inclination of some will be to finger-point and look for blame, I hope we can avoid that. I also hope we can avoid people using times of crisis to argue for what they already believe," Dimon wrote.
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