Jamie Dimon said that, considering the convulsions that are happening around the world, oil should not be selling at 88 dollars. “It doesn’t take much to get it to $120.” But, for now, it hasn’t happened.
Jamie Dimon, chief executive of the powerful JPMorgan, said, speaking at the Economic Club of New York, that he was “a little surprised” that geopolitical tensions were not having a greater impact on oil and gas prices, according to a report from the “Financial Times”. Dimon said that the North American economy is “growing”, but warned that he is “on the cautious side” about the possibility of there being “a soft landing” – that is, the maintenance of conditions so that there is no turbulence in the markets.
According to the IMF, the United States is forecast to grow twice as fast this year as any other G7 economy, thanks to household spending and investment – contradicting fears over the past two years that the rapid series of Federal Reserve (Fed) interest rates would lead the economy into a recession. Instead, the IMF projected that the U.S. economy will grow 2.7% this year and 1.9% next year, after expanding at an annual rate of 3.4% in the last quarter of 2023. Out of curiosity , the same IMF maintained its forecast that China’s growth in 2024 will be 4.6% (compared to 5.2% in 2023), with a further drop to 4.1% in 2025.
“We’re in good shape and so far it’s looking like that kind of soft landing scenario,” Dimon said. “But put me on the cautious side of the matter.” The CEO recalled that as leader of the largest US bank by assets, he often uses his public comments to give his opinion on issues far beyond Wall Street. Neese said he was surprised that geopolitical tensions had not had a greater impact on the price of oil, which is trading at around $88 a barrel.
“I’m a little surprised that things haven’t gotten worse for oil and gas,” he said, citing risks of attacks on energy infrastructure. “It doesn’t take much to get oil and gas prices back to $120 or more.”
In more political terms, Dimon said he intends for the next president, whoever he may be, to “put the other party in his cabinet”.
“I would like to see professionals return to government, like the rest of us.” Dimon also praised Indian Prime Minister Narendra Modi, who is campaigning for another five-year term. “Modi has done an unbelievable job in India,” he said. “He Lifted 400 Million People Out of Poverty.”
