Talk About BS: JPMorgan Economists Discard Prior Recession Prediction, Foresee US Economic Resilience
BanksterCrime:
JPMorgan’s economists have jettisoned previous predictions of an impending U.S. recession. Their chief U.S. economist, Michael Feroli, is confident that the American economy will maintain a modest but steady growth trajectory throughout the remainder of the current year and well into 2024.
JPMorgan Foresees U.S. Economic Growth Amid ‘Ridiculous’ Fitch Downgrade and Recession Fears
Echoing Bank of America’s revision of its economic outlook, JPMorgan’s team of economists have likewise set aside their earlier recession projections. The top-ranking bank in the nation initially forecasted a downturn for 2023. However, their principal U.S. economist, Michael Feroli, now holds a more optimistic view that the U.S. can successfully dodge a full-scale recession.
“While a recession is no longer our modal scenario, risk of a downturn is still very elevated,” Feroli wrote on Friday. “One way this risk could materialize is if the Fed is not done hiking rates. Another way in which recession risks could materialize is if the normal lagged effects of the tightening already delivered kick in.”
Feroli, alongside his cohort of economists at JPMorgan, now foresees an economic resurgence in 2023, followed by a period of “modest, sub-par growth” in the subsequent year. This projection defies the widespread dissenting opinion that a recession, or even a depression, within the U.S., is inevitable. Danielle DiMartino Booth, the CEO and chief strategist at QI Research, argues that the repercussions of the Federal Reserve’s interest rate increments and quantitative tightening have yet to fully manifest in the U.S. banking industry.
Moreover, JPMorgan’s perspective comes on the heels of Fitch Ratings’ decision to lower the credit rating of the United States. Unfazed by Fitch’s downgrade, JPMorgan’s chief, Jamie Dimon, dismissed the move as “ridiculous” in an interview. Speaking to CNBC, Dimon downplayed the significance of the downgrade, saying “it doesn’t really matter that much,” and emphasized that the United States remains “the most prosperous nation on the planet, [and] the most secure nation on the planet.”
Dimon and his team at JPMorgan perceive a budding growth in the U.S. economy, prompting their economists to doubt their previous forecasts. “Given this growth, we doubt the economy will quickly lose enough momentum to slip into a mild contraction as early as next quarter, as we had previously projected,” Feroli concluded in his missive to investors last Friday.
Walmart Interest in Crypto Could Make Bitcoin Explode
BanksterCrime: Walmart Interest in Crypto increases after noticing that consumer focus on Crypto spiked over the past few years. Now the company says it plans to include Crypto into its future payment strategy. At the Yahoo Finance All Markets Summit,…
Bankman-Fried Wants to See His Lawyers Outside Jail Five Days a Week
BanksterCrime: FTX founder Sam Bankman-Fried (SBF) is asking to be released from jail five days a week to work on his defense for the fraud trial against him set to begin in October. On Friday, Bankman-Fried’s lawyers complained to a…
Michael Burry Bets $1.6 Billion Against Market: ‘Big Short’ Investor Takes Bearish Stance on S&P 500 and NASDAQ
BanksterCrime: In filings with securities authorities released on Monday, renowned hedge fund manager Michael Burry, whose exploits were famously captured in the film “The Big Short,” took a bearish stance on the market. Burry’s Scion Asset Management shorted the S&P…
Mega Banks Take Down Stock Prices after a Fitch Warning About a Possible Downgrade to JPMorgan Chase and Its Peers–Bud Light Chase
BanksterCrime: By Pam Martens and Russ Martens: August 16, 2023 ~ Yesterday, the Dow Jones Industrial Average took a tumble of 361 points by the closing bell. Numerous headlines attributed the big decline to a weakening economy in China. But the actual…
Wall Street Mega Banks and Their Disgraceful Bailout Charts Since the Repeal of the Glass-Steagall Act in 1999
BanksterCrime: By Pam Martens and Russ Martens: August 15, 2023 ~ President Bill Clinton Laughs It Up as He Signs the Repeal of the Glass-Steagall Act, November 12, 1999 The Bill Clinton administration’s repeal in 1999 of the 1933 Banking Act,…
Judge Jed Rakoff Has Regularly Dined in the Past with the Chairman of the Law Firm that Just Got a Big Win in His Court in the JPMorgan Sex Trafficking Case
BanksterCrime: By Pam Martens and Russ Martens: In 2017, Simon & Schuster released the book, The Chickenshit Club, by the Pulitzer-prize winning public interest writer, Jesse Eisinger. The title derives from the premise that the prosecutors at the U.S. Department of…
CBDC Is Grave Threat to Liberty, Presidential Hopeful Vivek Ramaswamy Warns
BanksterCrime: The U.S. dollar will be stronger if it’s not a central bank digital currency (CBDC), according to candidate for Republican presidential nomination Vivek Ramaswamy. He is convinced that a digitized greenback and other digital fiats represent a threat to…
Sam Bankman-Fried Heads Back To Jail After Bail Revoked—This Guy Don’t Know Right From Wrong
BanksterCrime: by Tyler Durden FTX Founder Sam Bankman-Fried is headed back to jail after the judge in the case revoked his bail over alleged witness intimidation, after he showed a journalist from the NY Times private writings from his ex-girlfriend…
WeWork’s Stock Imploded to 13 Cents Yesterday; Its Cult-Master, Adam Neumann, Cashed Out Years Ago and Is a Billionaire–Con Game In Play
BanksterCrime: By Pam Martens and Russ Martens: August 11, 2023 ~ Adam Neumann, Chairman and CEO of The We Company in 2019 That office space company we warned our readers about so extensively in 2019, WeWork, collapsed to 13 cents a…
Say hello to Granite Ridge Soap-works! Use our handmade soaps to take good care of your skin. Our premium natural ingredients work together to create a silky, creamy lather that hydrates your skin. Chemicals, such as sodium lauryl sulfate, phthalates, parabens, or detergents, are never used by us. To ensure quality, we make all of our soaps in modest quantities. Visit our Etsy store right away to give them a try and the attention your skin deserves. GraniteRidgeSoapworks: Because only the best will do for your skin.
Use the code HNEWS15 to receive 15% off your first purchase.
Sources: BitCoinNews BanksterCrime