JPMorgan’s Dimon says higher oil prices will power hurricane in economy

NEW YORK: Higher oil prices triggered by the Ukraine war and likely to stay elevated in a sloppy transition from fossil fuels will contribute to a coming hurricane in the economy, Jamie Dimon, the long-time chief executive of JPMorgan Chase & Co said on Wednesday.

Dimon said he does not know if the storm will be minor or severe, but that it is on its way as the Federal Reserve and the government withdraw economic support provided during the pandemic and as the consequences of the Ukraine war continue.

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“That hurricane is right out there down the road coming our way,” Dimon said in an animated and unscripted conversation at an investor conference.